{"id":587634,"date":"2023-05-30T00:00:00","date_gmt":"2023-05-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/try-falls-to-near-record-low-following-erdogans-reelection\/"},"modified":"2023-05-30T00:00:00","modified_gmt":"2023-05-30T00:00:00","slug":"try-falls-to-near-record-low-following-erdogans-reelection","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/try-falls-to-near-record-low-following-erdogans-reelection\/","title":{"rendered":"TRY falls to near-record low following Erdogan\u2019s reelection"},"content":{"rendered":"

The TRY didn\u2019t take Erdogan\u2019s re-election well: <\/span>The TRY fell to near-record lows on the first <\/span>day of trading following Turkish President Recep Tayyip Erdogan\u2019s <\/span>re-election<\/a><\/span> on Sunday. The TRY slipped 0.6% against the greenback to 20.10, according to <\/span>Bloomberg<\/a><\/span>, which picks up a Morgan Stanley note warning that the currency could plunge 29% to 28 against the USD by the end of the year should Erdogan not change his economic policies.<\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,212<\/span><\/p>\n<\/td>\n

\n

+0.5% (YTD: +17.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.83<\/span><\/p>\n<\/td>\n

\n

Sell 30.96<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

11,136<\/span><\/p>\n<\/td>\n

\n

0.0% (YTD: +6.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,412<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: -7.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,544<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +6.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,205<\/span><\/p>\n<\/td>\n

\n

+1.3% (YTD: +9.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,627<\/span><\/p>\n<\/td>\n

\n

+0.7% (YTD: +2.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,320<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: +13.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 77.07<\/span><\/p>\n<\/td>\n

\n

+0.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.36<\/span><\/p>\n<\/td>\n

\n

-2.3%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,961.20 <\/span><\/p>\n<\/td>\n

\n

-0.1%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 27,685<\/span><\/p>\n<\/td>\n

\n

+0.4% (YTD: +66.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 rose 0.5% at yesterday\u2019s close<\/span> on turnover of EGP 2.42 bn. Foreign investors <\/span>were net sellers. The index is up 17.9% YTD.<\/span><\/p>\n

In the green: <\/span>Heliopolis Housing (+11.8%), Orascom Construction (+7.5%) and TMG (+5.1%).<\/span><\/p>\n

In the red: <\/span>Ibnsina Pharma (-1.8%), Egypt-Kuwait Holding (-1.7%) and Oriental Weavers (-1.5%).<\/span><\/p>\n

Asian markets are mainly in the green this morning<\/span> amid optimism that US lawmakers will <\/span>pass legislation to raise the debt ceiling and avert a default. US and European stock futures are also rising in early trading this morning.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Morgan Stanley thinks the currency could plunge another 29% against the USD by the end of the year<\/p>\n","protected":false},"author":1,"featured_media":587635,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[380,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-currencies","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"f913c925-f5a7-4617-baa1-9994e0d9a521","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1623.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TRY falls to near-record low following Erdogan\u2019s reelection","related_issue":[587606],"teaser":"Morgan Stanley thinks the currency could plunge another 29% against the USD by the end of the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.e6695bbc-42c1-454e-b9b1-9e07a61098e3.mp3"},"yoast_head":"\nTRY falls to near-record low following Erdogan\u2019s reelection - 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Despite apparent massive interventions\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579177,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/morgan-stanley-is-wagering-on-a-roaring-20s-for-emerging-markets\/","url_meta":{"origin":587634,"position":1},"title":"Morgan Stanley is wagering on a roaring \u201820s for emerging markets","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"Are the 2020s set to be the decade of emerging markets? Morgan Stanley Investment Management last week said it is pulling money out of the US stock market and putting it into equities in developing economies. \u201cEvery decade, there is a new leader in the market. In the 2010s, it\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/484.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":662785,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/23\/arrest-of-main-erdogan-challenger-shakes-the-try-borsa-istanbul-100\/","url_meta":{"origin":587634,"position":2},"title":"Arrest of main Erdogan challenger shakes the TRY, Borsa Istanbul 100","author":"enterpriseam admin","date":"23 March 2025","format":false,"excerpt":"Turkey\u2019s central bank tore through a record USD 11.5 bn on the day of the arrest to try to stabilize the TRY","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1770.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556177,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/this-morning-unnamed-strategic-investor-eyeing-big-chunk-of-e-finance-ipo-plus-egypts-banks-are-adopting-the-tax-authoritys-e-invoicing-system\/","url_meta":{"origin":587634,"position":3},"title":"THIS MORNING: Unnamed strategic investor eyeing big chunk of e-Finance IPO? Plus: Egypt\u2019s banks are adopting the Tax Authority\u2019s e-invoicing system.","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"Good morning, everyone, and welcome to the final workday of week 41 in this crazy year. We have an exceptionally busy issue for you this morning, so let\u2019s jump right in: IPO WATCH- An unnamed strategic investor is after 10% of the shares e-Finance is offering on the EGX and\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554615,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/21\/your-midnight-spoonful-of-nutella-is-in-jeopardy-the-new-james-webb-telescope-could-allow-scientists-to-see-back-to-the-big-bang\/","url_meta":{"origin":587634,"position":4},"title":"Your midnight spoonful of Nutella is in jeopardy + the new James Webb telescope could allow scientists to see back to the Big Bang","author":"enterpriseam admin","date":"21 December 2021","format":false,"excerpt":"The latest victim of Erdogan\u2019s war on rates: Nutella. Turkey's currency crisis is putting pressure on the world's hazelnut supply, with potentially disastrous consequences for the king of nutty chocolate spreads, the Wall Street Journal reports.Turkey produces 70% of the world\u2019s hazelnuts \u2014 a third of which are bought by\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/688.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561696,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/18\/what-the-markets-are-doing-on-18-april-2021\/","url_meta":{"origin":587634,"position":5},"title":"What the markets are doing on 18 April 2021","author":"enterpriseam admin","date":"18 April 2021","format":false,"excerpt":"US banks\u2019 earnings season is still going strong: Bank of America reported stronger-than-expected earnings in 1Q2021, with its net income doubling during the three-month period to reach USD 8.1 bn, according to the multinational investment bank's financials (pdf). Bank of America\u2019s performance comes as it released USD 2.7 bn in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587634"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587634\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587606"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587635"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587634"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587634"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}