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2020-10-24 The Grand Turk

Turkish lira sinks to record low as free fall continues

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Posted by Fred 2020-10-24 00:00|| || Front Page|| [6 views ] Top
File under: Sublime Porte

#1 Earlier German reporting: "According to an estimate by US Goldman Sachs, Turkey has spent $65 billion (€55.2 billion) this year on managing its currency. As a result, its gross currency buffers have dropped by more than a third this year to $49.2 billion as of July 17. Including gold, they stand at $89.5 billion. Making matters worse is the central bank wasn't using only its own reserves, but dollars borrowed from domestic banks, to buy the lira. It now owes more foreign currency to the banks than it has in its coffers."

Posted by b 2020-10-24 06:50|| 2020-10-24 06:50|| Front Page Top

#2 "Negative balance sheets are Gulenist Lies"

Posted by Frank G 2020-10-24 07:28|| 2020-10-24 07:28|| Front Page Top

#3 Good. That should make Yeni Raki cheaper then.

Posted by Clem 2020-10-24 07:31|| 2020-10-24 07:31|| Front Page Top

#4 Let me know when the currency depreciates to the point I can buy Hiskarlik. Or Constantinople.

Posted by Rob Crawford 2020-10-24 14:04|| 2020-10-24 14:04|| Front Page Top

#5 Or, hell, the old kingdom of Pontus.

But not Bithynia.

Posted by Rob Crawford 2020-10-24 14:04|| 2020-10-24 14:04|| Front Page Top

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