"Turkeys (foreign currency) reserves have been depleted by market interventions (to pump up the value of the Turkish Lira), which are showing signs of fizzling out" (Reserves dropped from $80 Billion to $45 Billion so far this year. They are running out of ammo to continue manipulating the currency and economy, for their short term political benefit - a high price will have to be paid at some point.)
"rising current account deficits and a possible debt default could tarnish the countrys formerly solid reputation for meeting foreign obligations. And as Reuters notes, these debt repayments are set to rise in October"
"Meanwhile, Finance Minister Berat Albayrak who just happens to be Erdogans son-in-law said on Wednesday the liras competitiveness is more important than exchange rate volatility. The central bank has effectively borrowed on local dollar liquidity to fuel its foreign exchange market interventions, which are meant to stabilize the lira"
"if you get to that stage where locals are unwilling to keep their money in the bank then youre heading to a balance of payments crisis. Thats when the alarm bells will start ringing.
"Perhaps Erdoganomics, whereby the president mandated to fight high inflation with lower rates in contravention of all norms and rules of economics, will ultimately end up destroying Turkey just as so many expected."
"Meanwhile, Erdogan shows no sign of budging, and on Monday he said he hoped market rates would fall further god willing."
“God Willing”
Haa haa haa, Erdoo is going to blame his failure on God?
End the end God will deal with Erdoo.