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Story of the interest on required reserves
The most striking one of the decisions the CBRT (Central Bank of the Republic of Turkey) announced the last Thursday was the abolition of the interest on required…
Why should intervening in foreign exchange be the responsibility of the Central Bank alone?
I have postponed and avoided writing about this issue for long. But since I have been talking about exchange rate issue and as the issue was featured on the morning news…
Do you follow the developments in Kashmir?
What first comes to your mind when you hear the word Kashmir? For me, it is 'Bush the Second'. Or more precisely, it is a cartoon featured in The New York Times right…
How much the interest rate must be cut to increase the exchange rate?
My last commentary ended with the following sentence: What is behind this 'terrifying' purchase-sale traffic in the exchange rate market if it is not the need of foreign…
What is the similarity between Sarkozy and Erdoğan?
President of France Nicholas Sarkozy kind of sabotaged the European Union summit meeting held the week before. He started to discuss with Barosso, President of the…
If it is about traffic, policy uncertainty can even cause death
While the referendum reduced political uncertainty, policy uncertainty has been increasing due to successive elections ahead. So, nowadays in advance we had better sit…
What is behind the FX trade?
I started to a series on exchange rate; but it was interrupted by growth figures and the recent decision on interest rate. A meeting by exporters and the CBRT (Central…
Should not we first read what we tend to interpret?
The recent interest rate decision was generally misinterpreted. It was said that the CBRT (Central Bank of Republic of Turkey) cut interest rates and comments that might…
Do you watch the tea party days in America?
It is Tea Party time in America. They started with house meetings. It was right the beginning of the economic crisis. They had complaints. They were afraid. Now they are…
Hike in policy uncertainty is not good for growth, either
Let me continue from where I stopped last Monday: In the post-referendum Turkey, risk of political uncertainty decreased while that of policy uncertainty increased. It…
First half of the year is OK; what about the second half?
Two important figures were recently announced: GDP in the second quarter of the year and unemployment rate for June. Let me start with emphasizing two favorable…
Meaningless fuss
It is exporters in general who mention a certain level for exchange rate. This is 'understandable' considering only the exports. After all, exchange rate affects the…