Skip to comments.Turkey’s Currency Meltdown
Posted on 05/24/2018 12:14:14 PM PDT by BeauBo
Turkeys lira fell as much as 5% on Wednesday (23 May '18), and its lost more than a fifth of its value this year... On Wednesday the (Turkish Central) bank lifted a key lending rate to 16.5% from 13.5%... Mr. Erdogan has wanted to keep interest rates low before the June 24 parliamentary and presidential elections when he hopes to consolidate even more power.
(Excerpt) Read more at wsj.com ...
Turkish death watch...
All y’all meet Venezuela.
Don’t care as long as we don’t bail them out.
“All yall meet Venezuela.”
Iran is really on the express track toward Venezuela. Turkey is still just in the ball park of seriously bad news.
...but things just got suddenly worse in Turkey - kind of a breaking point from the slower decline of the last few years.
is not a good man.
Sooner the better.
As long as radical Islam is thoroughly discredited and deposed as a result.
They should buy bitcoin...
How I wish the Persian people were armed.
The mullahs and religious police would be nothing but a bad memory.
“As long as radical Islam is thoroughly discredited and deposed as a result.”
A true believer will never believe in failure. From that aspect, Islam is like socialism or communism. The adherent will say, “Real Islam has never been tried.” Or, “We will do it correctly this time.”
Lets home it’s soon Erdogone...
And cryptocurrency makes it more difficult for either government to do anything about it.
Turkey’s voters are Turkeys
James Earl Carter was the cheerleader of the Islamic State of Iran. Forty years later we’re still dealing with that baboon’s ignorance. As far as Iran’s government goes now, they’ve turned it into an Ayatoilet, and the whole region is paying the price.
Way to go Uncle Jimmymah. (aunt Jemima)
He single handedly turned Iran, and then gave the North Korean government the green light to nuke and missile development. He gave away the Panama Canal without so much as one negotiating session, and found Socialist Dictators to be his fantasy idols.
Carter, Clinton, and Obama, wow the Left sure knows how to pick them.
As much as I have detested the leaders from the (R) ticket, at least they can pass for normal for a month at a time.
Iran was reportedly in talks with Russia about using cryptocurrency for transactions, to get around sanctions on financial transactions.
Since the regime insiders have so thoroughly plundered their economy, they are about the only ones who have capital to flee with.
Common factor: government has to pay benefits to the unproductive in order to get their votes. Government then tries to extract enough from the productive to pay the unproductive. The productive flee. The whole mess finally collapses.
Meanwhile the politicians who created the mess run off live well off of what they stole before the collapse.
Historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change was done according to the 12 January 1926 issue of the official gazette and canceled by the Democrat Party after World War II.
After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
1966 – 1 U.S. dollar = 9 Turkish lira
1980 – 1 U.S. dollar = 90 Turkish lira
1988 – 1 U.S. dollar = 1,300 Turkish lira
1995 – 1 U.S. dollar = 45,000 Turkish lira
2001 – 1 U.S. dollar = 1,650,000 Turkish lira
The Guinness Book of Records ranked the Turkish lira as the world's least valuable currency in 1995 and 1996, and again from 1999 to 2004. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation.
In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency. It was introduced on 1 January 2005, replacing the previous Turkish lira (which remained valid in circulation until the end of 2005) at a rate of 1 second Turkish lira (ISO 4217 code "TRY") = 1,000,000 first Turkish lira (ISO 4217 code "TRL"). With the revaluation of the Turkish lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit. At the same time, the Government introduced two new banknotes called TRY100 and TRY50.
In the transition period between January 2005 and December 2008, the second Turkish lira was officially called Yeni Türk Lirası (New Turkish lira). It was officially abbreviated "YTL" and subdivided into 100 new kuruş (yeni kuruş). Starting in January 2009, the "new" marking was removed from the second Turkish lira, its official name becoming just "Turkish lira" again, abbreviated "TL". All obverse sides of current banknotes have portraits of Mustafa Kemal Atatürk. Until 2016, the same held for the reverse sides of all current coins, but in 2016 one-lira coins were issued to commemorate the "martyrs and veterans" of the 2016 Turkish coup d'état attempt, the reverse sides of some of which depict hands holding up a Turkish flag while others show in stylized form a collection of five-pointed stars topped by a Turkish flag.
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