{"id":588270,"date":"2023-06-08T00:00:00","date_gmt":"2023-06-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/turkey-is-moving-to-a-flexible-exchange-rate-as-govt-adopts-rational-economic-policies\/"},"modified":"2023-06-08T00:00:00","modified_gmt":"2023-06-08T00:00:00","slug":"turkey-is-moving-to-a-flexible-exchange-rate-as-govt-adopts-rational-economic-policies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/turkey-is-moving-to-a-flexible-exchange-rate-as-govt-adopts-rational-economic-policies\/","title":{"rendered":"Turkey is moving to a flexible exchange rate as gov\u2019t adopts \u2018rational\u2019 economic policies"},"content":{"rendered":"

Progress on Turkey\u2019s return to rationality?<\/span> The TRY dropped 7% to a record low of <\/span>23.17 against the greenback on Wednesday, in what traders see as a sign that the central bank is moving towards a floating FX rate, <\/span>Reuters<\/a><\/span> reports. After burning through sizable FX and gold reserves to prop up the currency through most of the year, the bank is reportedly switching up its policy, with reserves starting to hold steady as of last week, according to traders. Net foreign reserves had hit a record low of negative USD 4.4 bn in May, when the election process sparked a surge in demand. Reelected Turkish President Tayyip Recep Erdogan last week <\/span>signaled a return to a more orthodox monetary policy<\/a><\/span> when he appointed Mehmet Simsek \u2014 widely seen as a safe pair of hands \u2014 as his new finance minister. <\/span><\/p>\n

<\/p>\n

\n

Latest Chinese export data may not bode well for the global economy:<\/span> Chinese exports <\/span>plunged 7.5% y-o-y in May \u2014 the biggest fall since January \u2014 on faltering global demand, <\/span>Reuters<\/a><\/span> reports.<\/span> This was far faster than the 0.4% fall forecast, highlighting the degree to which higher interest rates and inflation are slowing economic activity and weakening demand in developed economies.<\/span><\/p>\n

<\/p>\n

\n

Developed economies need to tighten their belts, says OECD: <\/span>\u201cWe have seen <\/span>understandable and necessary fiscal support in response to the [Ukraine] war and the pandemic . . . [but] now is the time that blanket fiscal support needs to be withdrawn,\u201d OECD Chief Economist Clare Lombardelli told the <\/span>Financial Times<\/a><\/span> as the organization released its <\/span>latest global growth forecast. <\/span><\/p>\n

The organization predicts global growth of 2.7% this year: <\/span>A slightly improved outlook on <\/span>global growth \u2014 with the OECD upping its 2023 prediction by 0.1 percentage point to 2.7% in 2023 \u2014 and the fading covid and energy shocks means that now is a good time for governments to curb spending, Lombardelli said. Noting that interest rates would likely need to remain high or even rise further to tackle persistent inflation in developed economies, she pointed to the risks of unbridled spending in a time of high borrowing costs. \u201cWe don\u2019t want forever more to be ratcheting up levels of debt. That does make countries less resilient.\u201d<\/span><\/p>\n

<\/p>\n

\n

A flood of US treasuries could put more strain on the country\u2019s banking sector: <\/span>The <\/span>Biden administration\u2019s success in raising the US debt ceiling could have a negative knock-on impact on liquidity at US banks, the <\/span>Financial Times<\/a><\/span> reports. Having managed to push up borrowing limits, Washington could issue a USD 1.1tn \u201cflood\u201d of short-term treasury bills into the debt market \u2014 including USD 850 bn by September \u2014 according to JPMorgan data. The sheer volume of new T-bills will cause yields to rise, drawing custom away from bank deposits and potentially pressuring banks to raise their deposit rates, analysts said. The story also got ink in <\/span>the Wall Street Journal<\/a><\/span>.<\/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

17,348<\/span><\/p>\n<\/td>\n

\n

-0.8% (YTD: +18.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.84<\/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

11,373<\/span><\/p>\n<\/td>\n

\n

+0.5% (YTD: +8.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,377<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: -8.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,688<\/span><\/p>\n<\/td>\n

\n

+0.3% (YTD: +10.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,268<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: +11.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,624<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +2.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,292<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +13.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 76.85 <\/span><\/p>\n<\/td>\n

\n

+0.7%<\/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 2.33<\/span><\/p>\n<\/td>\n

\n

+3.1%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,956.30<\/span><\/p>\n<\/td>\n

\n

-1.3%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 26,362<\/span><\/p>\n<\/td>\n

\n

-2.3% (YTD: +59.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.8% at yesterday\u2019s close<\/span> on turnover of EGP 3.6 bn. Foreign investors were <\/span>net<\/span> sellers. The index is up 18.3% YTD.<\/span><\/p>\n

In the green: <\/span>Rameda Pharma (+4.5%), CIRA Education (+4.3%) and Madinet Masr (+1.7%).<\/span><\/p>\n

In the red: <\/span>Ezz Steel (-4.8%), Abu Dhabi Islamic Bank Egypt (-3.7%) and Egypt Kuwait Holding (-3.5%).<\/span><\/p>\n

Shares and bonds are largely in the red this morning<\/span> after the Canadian central bank\u2019s <\/span>decision yesterday to raise interest rates caused traders to increase bets that the Federal Reserve will continue tightening when it meets next month. US and European equity futures are also trading lower.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The currency fell more than 7% yesterday<\/p>\n","protected":false},"author":1,"featured_media":588271,"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":[116,72,119,2403,1701,122,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-financial-markets","tag-global-economy","tag-oecd","tag-planet-finance","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"1da523d3-1241-4820-9ed6-0e342a265965","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/404.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkey is moving to a flexible exchange rate as gov\u2019t adopts \u2018rational\u2019 economic policies","related_issue":[588247],"teaser":"The currency fell more than 7% yesterday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.06c05f01-9efe-4a22-abe1-d903af6f5b50.mp3"},"yoast_head":"\nTurkey is moving to a flexible exchange rate as gov\u2019t adopts \u2018rational\u2019 economic policies - 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