TurkishLira
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Turkish Government's Crypto Regulation on the Horizon. 🇹🇷📖🪙
As the usage and investor numbers of cryptocurrencies continue to rise in Turkey, there are indications that a new crypto regulation bill is set to be presented in the Turkish Grand National Assembly.
Expected Features of the Regulation:
Aimed at ensuring financial stability and enhancing protection for cryptocurrency investors. Includes provisions to prevent the use of cryptocurrencies in money laundering and financing terrorism. Notably, the regulation addresses the involvement of social media influencers in the crypto space.
Timeline and Legislative Progress:
The draft is anticipated to be presented to the TBMM (Turkish Grand National Assembly) before the end of the year. This move aligns with the commitment outlined in the 2024 Presidential Annual Program, focusing on the taxation of digital virtual assets.
Taxation of Digital Assets:
The 2024 Presidential Annual Program includes plans for the taxation of "digital virtual assets." Ongoing efforts to define these assets within the Turkish legal framework.
Crucial Element for Removal from Grey List:
Treasury and Finance Minister Mehmet Şimşek emphasizes that the last requirement for Turkey to be removed from the grey list is the implementation of crypto regulations. Central Bank President Hafize Gaye Erkan collaborates with the Capital Markets Board (SPK) on the regulation of cryptocurrencies.
This regulatory initiative reflects Turkey's commitment to balancing the growing influence of cryptocurrencies with the need for financial stability and security.
#TurkeyCrypto #Turkish #Turkey #türkiye #TurkishLira
As the usage and investor numbers of cryptocurrencies continue to rise in Turkey, there are indications that a new crypto regulation bill is set to be presented in the Turkish Grand National Assembly.
Expected Features of the Regulation:
Aimed at ensuring financial stability and enhancing protection for cryptocurrency investors. Includes provisions to prevent the use of cryptocurrencies in money laundering and financing terrorism. Notably, the regulation addresses the involvement of social media influencers in the crypto space.
Timeline and Legislative Progress:
The draft is anticipated to be presented to the TBMM (Turkish Grand National Assembly) before the end of the year. This move aligns with the commitment outlined in the 2024 Presidential Annual Program, focusing on the taxation of digital virtual assets.
Taxation of Digital Assets:
The 2024 Presidential Annual Program includes plans for the taxation of "digital virtual assets." Ongoing efforts to define these assets within the Turkish legal framework.
Crucial Element for Removal from Grey List:
Treasury and Finance Minister Mehmet Şimşek emphasizes that the last requirement for Turkey to be removed from the grey list is the implementation of crypto regulations. Central Bank President Hafize Gaye Erkan collaborates with the Capital Markets Board (SPK) on the regulation of cryptocurrencies.
This regulatory initiative reflects Turkey's commitment to balancing the growing influence of cryptocurrencies with the need for financial stability and security.
#TurkeyCrypto #Turkish #Turkey #türkiye #TurkishLira
Turkey's Financial Landscape Set for Transformation with Upcoming Crypto Regulations. 🇹🇷🪙
In a recent address at the Istanbul Chamber of Commerce January Meeting, Mehmet Şimşek, Turkey's Minister of Treasury and Finance, outlined the nation's ambitious plans to regulate cryptocurrencies. Here's a snapshot of the key points from his announcement:
Şimşek underscored the significance of green digital transformation in today's global landscape, deeming it a pivotal area for development and reform.
Highlighting the positive outcomes of the medium-term reform program, Şimşek acknowledged its influence in meeting expectations and driving progress.
The Finance Minister confirmed the imminent release of a cryptocurrency-related regulation, set to be presented to the parliament soon. This move aims to fill the existing regulatory gap for cryptocurrencies in Turkey.
Şimşek reported the completion of partial regulations concerning the governance of state-owned enterprises (KIT) in alignment with international norms. These regulations are expected to be tabled in parliament shortly.
Şimşek revealed that efforts on these initiatives would intensify after April, signaling a dedicated push towards comprehensive regulatory measures.
Contrary to common expectations, Şimşek clarified that the crypto regulation approach wouldn't primarily focus on taxation. Instead, the emphasis lies on eliminating uncertainties, controlling potential risks, and fostering the development of blockchain technology and the crypto asset ecosystem.
This update aligns with Turkey's proactive stance in adapting to the evolving landscape of digital assets and blockchain technology. Stay tuned for further developments as the nation positions itself at the forefront of crypto regulation.
#MehmetŞimşek #Turkey #TurkeyCrypto #TurkishLira #türkiye
In a recent address at the Istanbul Chamber of Commerce January Meeting, Mehmet Şimşek, Turkey's Minister of Treasury and Finance, outlined the nation's ambitious plans to regulate cryptocurrencies. Here's a snapshot of the key points from his announcement:
Şimşek underscored the significance of green digital transformation in today's global landscape, deeming it a pivotal area for development and reform.
Highlighting the positive outcomes of the medium-term reform program, Şimşek acknowledged its influence in meeting expectations and driving progress.
The Finance Minister confirmed the imminent release of a cryptocurrency-related regulation, set to be presented to the parliament soon. This move aims to fill the existing regulatory gap for cryptocurrencies in Turkey.
Şimşek reported the completion of partial regulations concerning the governance of state-owned enterprises (KIT) in alignment with international norms. These regulations are expected to be tabled in parliament shortly.
Şimşek revealed that efforts on these initiatives would intensify after April, signaling a dedicated push towards comprehensive regulatory measures.
Contrary to common expectations, Şimşek clarified that the crypto regulation approach wouldn't primarily focus on taxation. Instead, the emphasis lies on eliminating uncertainties, controlling potential risks, and fostering the development of blockchain technology and the crypto asset ecosystem.
This update aligns with Turkey's proactive stance in adapting to the evolving landscape of digital assets and blockchain technology. Stay tuned for further developments as the nation positions itself at the forefront of crypto regulation.
#MehmetŞimşek #Turkey #TurkeyCrypto #TurkishLira #türkiye
Turkish economy grew by 4.5 percent in 2023. 🇹🇷💯
In the ever-changing landscape of 2023, Turkey's economy showcased commendable resilience with a 4.5% growth, defying expectations amid tightening monetary policies. Let's delve into key insights and sectoral nuances that shaped this economic journey.
In 2023, Turkey's economy demonstrated resilience with a 4.5% growth, slightly lower than previous years but still impressive. Comparative figures reveal a robust 5.6% growth in 2022 and an impressive 11.5% surge in 2021, marking a significant recovery from the pandemic-hit 1.9% growth in 2020.
The per capita GDP soared to a historic peak of 307,952 TL (13,110 USD), marking a milestone in dollar-denominated per capita income. The entire economy crossed the 1 trillion-dollar mark, reaching 1.12 trillion dollars in 2023, according to TÜİK data.
Domestic consumption played a pivotal role, witnessing a 12.8% increase in household final consumption expenditures. Investments grew by 8.9%, while the construction sector stood out with a noteworthy 7.8% growth, fueled by post-earthquake reconstruction activities.
Agriculture faced a marginal contraction of 0.2%, highlighting challenges in livestock and weak demand for seeds and fertilizers. The industrial sector grew modestly by 0.8%, marking its lowest growth since 2019, while the construction sector thrived at 7.8%.
In late 2023, the Central Bank raised the policy interest rate dramatically from 8.5% to 42.5%, addressing inflation and currency concerns pre-election. Despite initial worries, the final quarter saw a 4% annual growth, fostering optimism for the future.
The 0.2% agricultural sector contraction raises worries, with experts warning of potential food supply issues and increased foreign dependence. Despite a record per capita income and GDP surpassing $1 trillion, concerns persist about food prices and challenges from the agricultural downturn.
#Turkey #TurkeyCrypto #economy #TurkishLira #Dollar
In the ever-changing landscape of 2023, Turkey's economy showcased commendable resilience with a 4.5% growth, defying expectations amid tightening monetary policies. Let's delve into key insights and sectoral nuances that shaped this economic journey.
In 2023, Turkey's economy demonstrated resilience with a 4.5% growth, slightly lower than previous years but still impressive. Comparative figures reveal a robust 5.6% growth in 2022 and an impressive 11.5% surge in 2021, marking a significant recovery from the pandemic-hit 1.9% growth in 2020.
The per capita GDP soared to a historic peak of 307,952 TL (13,110 USD), marking a milestone in dollar-denominated per capita income. The entire economy crossed the 1 trillion-dollar mark, reaching 1.12 trillion dollars in 2023, according to TÜİK data.
Domestic consumption played a pivotal role, witnessing a 12.8% increase in household final consumption expenditures. Investments grew by 8.9%, while the construction sector stood out with a noteworthy 7.8% growth, fueled by post-earthquake reconstruction activities.
Agriculture faced a marginal contraction of 0.2%, highlighting challenges in livestock and weak demand for seeds and fertilizers. The industrial sector grew modestly by 0.8%, marking its lowest growth since 2019, while the construction sector thrived at 7.8%.
In late 2023, the Central Bank raised the policy interest rate dramatically from 8.5% to 42.5%, addressing inflation and currency concerns pre-election. Despite initial worries, the final quarter saw a 4% annual growth, fostering optimism for the future.
The 0.2% agricultural sector contraction raises worries, with experts warning of potential food supply issues and increased foreign dependence. Despite a record per capita income and GDP surpassing $1 trillion, concerns persist about food prices and challenges from the agricultural downturn.
#Turkey #TurkeyCrypto #economy #TurkishLira #Dollar
The Rise of TRYB: Turkey's Stablecoin Shaping the Crypto Landscape
In the dynamic world of cryptocurrencies, where stability often feels like an elusive concept, the emergence of TRYB, a stablecoin backed by the volatile Turkish lira (TRY), has captured the attention of the crypto community. Developed by Turkish fintech company BiLira, TRYB has rapidly risen to become the second-largest non-U.S.-dollar-pegged stablecoin in the market, trailing only Tether's euro-pegged EURt. In this blog, we'll explore the remarkable journey of TRYB, its unique characteristics, and the impact it's making in the crypto landscape.
The TRYB Phenomenon: A Turkish Lira-Backed Stablecoin
TRYB is an Ethereum-based stablecoin that is pegged to the Turkish lira, offering users a straightforward 1:1 conversion rate between TRYB and TRY. What sets TRYB apart is its 100% backing by fiat reserves held in Turkish banks, providing a solid foundation for its stability.
TRYB's Meteoric Rise in Market Cap
In just three weeks, TRYB's market capitalization witnessed an astounding 325% surge, reaching an impressive $136.10 million. This remarkable growth positions it as the second-largest non-USD-pegged stablecoin globally, closely trailing EURt, Tether's euro-pegged stablecoin.
TRYB as a Safe Haven in Turbulent Times
The Turkish lira's ongoing volatility and depreciation against the U.S. dollar have fueled the adoption of TRYB. Users are increasingly turning to TRYB as a gateway to convert their Turkish lira into cryptocurrencies and vice versa, seeking refuge from the lira's instability.
Stablecoins: The Backbone of Crypto Trading
TRYB's adoption aligns with a broader global trend where stablecoins play a pivotal role in crypto trading. They serve as a stable base currency for trading pairs, enabling traders to navigate the crypto market while avoiding the inherent volatility of fiat currencies. The U.S. Federal Reserve recognized this trend, highlighting the significant role of stablecoins in crypto transactions.
TRYB's Unique Approach to Minting and Burning
TRYB's journey has not been without its share of intrigue. The token's market cap has exhibited fluctuations that have piqued the curiosity of the crypto community. BiLira, the company behind TRYB, revealed its strategy of minting and redeeming tokens in batches to manage gas fees efficiently. This approach, unlike traditional stablecoin projects, involves pre-minting and redeeming tokens strategically, ensuring operational sustainability in the face of high gas costs.
In Summary
TRYB's rise as a Turkish lira-backed stablecoin showcases the versatility and innovation within the cryptocurrency space. Its success in a market dominated by USD-pegged stablecoins signifies a growing demand for stability and a reliable medium of exchange. As the crypto landscape continues to evolve, TRYB's journey is one to watch, offering a glimpse into the potential of stablecoins beyond the confines of the U.S. dollar.
#stablecoin #TRYB #TRY #TurkishLira #BiLira
The TRYB Phenomenon: A Turkish Lira-Backed Stablecoin
TRYB is an Ethereum-based stablecoin that is pegged to the Turkish lira, offering users a straightforward 1:1 conversion rate between TRYB and TRY. What sets TRYB apart is its 100% backing by fiat reserves held in Turkish banks, providing a solid foundation for its stability.
TRYB's Meteoric Rise in Market Cap
In just three weeks, TRYB's market capitalization witnessed an astounding 325% surge, reaching an impressive $136.10 million. This remarkable growth positions it as the second-largest non-USD-pegged stablecoin globally, closely trailing EURt, Tether's euro-pegged stablecoin.
TRYB as a Safe Haven in Turbulent Times
The Turkish lira's ongoing volatility and depreciation against the U.S. dollar have fueled the adoption of TRYB. Users are increasingly turning to TRYB as a gateway to convert their Turkish lira into cryptocurrencies and vice versa, seeking refuge from the lira's instability.
Stablecoins: The Backbone of Crypto Trading
TRYB's adoption aligns with a broader global trend where stablecoins play a pivotal role in crypto trading. They serve as a stable base currency for trading pairs, enabling traders to navigate the crypto market while avoiding the inherent volatility of fiat currencies. The U.S. Federal Reserve recognized this trend, highlighting the significant role of stablecoins in crypto transactions.
TRYB's Unique Approach to Minting and Burning
TRYB's journey has not been without its share of intrigue. The token's market cap has exhibited fluctuations that have piqued the curiosity of the crypto community. BiLira, the company behind TRYB, revealed its strategy of minting and redeeming tokens in batches to manage gas fees efficiently. This approach, unlike traditional stablecoin projects, involves pre-minting and redeeming tokens strategically, ensuring operational sustainability in the face of high gas costs.
In Summary
TRYB's rise as a Turkish lira-backed stablecoin showcases the versatility and innovation within the cryptocurrency space. Its success in a market dominated by USD-pegged stablecoins signifies a growing demand for stability and a reliable medium of exchange. As the crypto landscape continues to evolve, TRYB's journey is one to watch, offering a glimpse into the potential of stablecoins beyond the confines of the U.S. dollar.
#stablecoin #TRYB #TRY #TurkishLira #BiLira
World Bank Announced 2024 Türkiye Economic Outlook. 🌐🏦🇹🇷💸
The World Bank has unveiled its economic forecast for Turkey, shedding light on the nation's trajectory amid a complex global landscape. Here are the key takeaways:
◾Turkey's Economic Growth:
In 2023, Turkey exhibited a growth rate of 4.2%. Looking ahead, the projections for 2024 and 2025 stand at 3.1% and 3.9%, respectively. These figures paint a picture of steady, albeit moderated, economic expansion.
◾Global Economic Landscape:
The United States is positioned for a growth uptick, with a forecasted rate of 1.6% in 2024. In contrast, the Eurozone anticipates a more modest growth of 0.7%. Meanwhile, China, a powerhouse in the global economy, is projected to maintain robust growth at 4.5%.
◾Global Economic Dynamics:
The World Bank report underscores the recovery of the global economy, driven by the resilience of the United States. However, it doesn't shy away from emphasizing the short-term risks emanating from escalating geopolitical tensions.
◾Notable Observations:
🔹Receding Risk of Global Recession:
While the risk of a global recession has diminished, the report underscores the importance of remaining vigilant in the face of ongoing geopolitical challenges.
🔹Slowed Growth and Trade:
Major economies are grappling with a period of slowed growth and subdued global trade. This cautious economic environment demands strategic navigation.
🔹Challenges for Emerging Economies:
Emerging economies find themselves in a testing scenario characterized by tight financial conditions and elevated borrowing costs.
🔹Global Trade Realities:
The anticipated global trade growth is forecasted to be only half of the pre-pandemic 10-year average, highlighting a considerable shift in trade dynamics.
🔹Borrowing Costs and Interest Rates:
Developing economies are confronted with high borrowing costs, while global interest rates, when adjusted for inflation, are at their highest levels in four decades.
#Turkey #WorldBank #TurkeyCrypto #TurkishLira #economy
The World Bank has unveiled its economic forecast for Turkey, shedding light on the nation's trajectory amid a complex global landscape. Here are the key takeaways:
◾Turkey's Economic Growth:
In 2023, Turkey exhibited a growth rate of 4.2%. Looking ahead, the projections for 2024 and 2025 stand at 3.1% and 3.9%, respectively. These figures paint a picture of steady, albeit moderated, economic expansion.
◾Global Economic Landscape:
The United States is positioned for a growth uptick, with a forecasted rate of 1.6% in 2024. In contrast, the Eurozone anticipates a more modest growth of 0.7%. Meanwhile, China, a powerhouse in the global economy, is projected to maintain robust growth at 4.5%.
◾Global Economic Dynamics:
The World Bank report underscores the recovery of the global economy, driven by the resilience of the United States. However, it doesn't shy away from emphasizing the short-term risks emanating from escalating geopolitical tensions.
◾Notable Observations:
🔹Receding Risk of Global Recession:
While the risk of a global recession has diminished, the report underscores the importance of remaining vigilant in the face of ongoing geopolitical challenges.
🔹Slowed Growth and Trade:
Major economies are grappling with a period of slowed growth and subdued global trade. This cautious economic environment demands strategic navigation.
🔹Challenges for Emerging Economies:
Emerging economies find themselves in a testing scenario characterized by tight financial conditions and elevated borrowing costs.
🔹Global Trade Realities:
The anticipated global trade growth is forecasted to be only half of the pre-pandemic 10-year average, highlighting a considerable shift in trade dynamics.
🔹Borrowing Costs and Interest Rates:
Developing economies are confronted with high borrowing costs, while global interest rates, when adjusted for inflation, are at their highest levels in four decades.
#Turkey #WorldBank #TurkeyCrypto #TurkishLira #economy
🚨 #BreakingNews
According to the S&P report, the Dollar / TL target by the end of 2024 has been reduced from 40₺ to 31.88₺!
#DollarTL #TurkishLira #S&P #türkiye
According to the S&P report, the Dollar / TL target by the end of 2024 has been reduced from 40₺ to 31.88₺!
#DollarTL #TurkishLira #S&P #türkiye
📊 The #TurkishLira has emerged as the most popular fiat #trading pair on #Binance
Its market share has risen from 9% in early 2021 to an ATH of 81% in August before retreating in October
📈 #Euro remains the second largest fiat #currency on Binance by market share 👀
Its market share has risen from 9% in early 2021 to an ATH of 81% in August before retreating in October
📈 #Euro remains the second largest fiat #currency on Binance by market share 👀
If Türkiye Uses Blockchain Technology in Elections: A Game-Changer for Democracy
In Türkiye's dynamic political landscape, the integration of blockchain technology into the electoral process could mark a significant leap towards transparency, security, and trust. Blockchain, renowned for its decentralized and tamper-resistant nature, holds the potential to revolutionize the way Türkiye conducts its elections, addressing longstanding concerns and enhancing the democratic process.
At its essence, blockchain serves as a decentralized ledger, recording transactions across a network of computers. When applied to elections, each vote cast becomes a securely encrypted "block" in the chain, ensuring its integrity and immutability. This fundamental feature of blockchain technology could mitigate many of the challenges and criticisms that Türkiye's electoral system has faced in the past.
One of the primary advantages of implementing blockchain in Türkiye's elections is its unparalleled security. By decentralizing the voting process, blockchain makes it incredibly difficult for malicious actors to tamper with or manipulate the results. This not only safeguards the integrity of the electoral process but also bolsters public trust in the outcome.
Transparency is another key benefit that blockchain brings to the table. In Türkiye, where concerns about electoral fraud and manipulation have been raised in the past, the transparent nature of blockchain could provide much-needed reassurance to voters. Every vote cast would be recorded on the blockchain, visible to all participants, ensuring a verifiable and transparent election process.
Moreover, the adoption of blockchain technology could address logistical challenges and streamline the electoral process in Türkiye. Real-time vote tallying, enabled by blockchain, could expedite the announcement of election results, reducing the potential for disputes and uncertainty. Additionally, remote blockchain voting could enhance accessibility, allowing citizens to participate in the electoral process from anywhere with an internet connection, thereby increasing voter turnout and engagement.
However, the implementation of blockchain technology in Türkiye's elections is not without its challenges. Addressing concerns surrounding voter privacy, ensuring inclusivity, and scaling the technology to accommodate large-scale elections are crucial considerations that must be carefully navigated. Furthermore, educating voters and stakeholders about blockchain and ensuring the usability of voting interfaces are essential steps towards successful adoption.
In conclusion, the adoption of blockchain technology in Türkiye's elections holds immense promise for enhancing the integrity, transparency, and accessibility of the electoral process. By leveraging the security and transparency features of blockchain, Türkiye can redefine its democracy and restore confidence in its electoral system. While challenges lie ahead, the potential benefits far outweigh the obstacles, making blockchain a compelling solution for Türkiye's electoral future.
#türkiye #Turkey #Election2024 #TurkishLira #ankara
At its essence, blockchain serves as a decentralized ledger, recording transactions across a network of computers. When applied to elections, each vote cast becomes a securely encrypted "block" in the chain, ensuring its integrity and immutability. This fundamental feature of blockchain technology could mitigate many of the challenges and criticisms that Türkiye's electoral system has faced in the past.
One of the primary advantages of implementing blockchain in Türkiye's elections is its unparalleled security. By decentralizing the voting process, blockchain makes it incredibly difficult for malicious actors to tamper with or manipulate the results. This not only safeguards the integrity of the electoral process but also bolsters public trust in the outcome.
Transparency is another key benefit that blockchain brings to the table. In Türkiye, where concerns about electoral fraud and manipulation have been raised in the past, the transparent nature of blockchain could provide much-needed reassurance to voters. Every vote cast would be recorded on the blockchain, visible to all participants, ensuring a verifiable and transparent election process.
Moreover, the adoption of blockchain technology could address logistical challenges and streamline the electoral process in Türkiye. Real-time vote tallying, enabled by blockchain, could expedite the announcement of election results, reducing the potential for disputes and uncertainty. Additionally, remote blockchain voting could enhance accessibility, allowing citizens to participate in the electoral process from anywhere with an internet connection, thereby increasing voter turnout and engagement.
However, the implementation of blockchain technology in Türkiye's elections is not without its challenges. Addressing concerns surrounding voter privacy, ensuring inclusivity, and scaling the technology to accommodate large-scale elections are crucial considerations that must be carefully navigated. Furthermore, educating voters and stakeholders about blockchain and ensuring the usability of voting interfaces are essential steps towards successful adoption.
In conclusion, the adoption of blockchain technology in Türkiye's elections holds immense promise for enhancing the integrity, transparency, and accessibility of the electoral process. By leveraging the security and transparency features of blockchain, Türkiye can redefine its democracy and restore confidence in its electoral system. While challenges lie ahead, the potential benefits far outweigh the obstacles, making blockchain a compelling solution for Türkiye's electoral future.
#türkiye #Turkey #Election2024 #TurkishLira #ankara
IMF's dollar forecast for Türkiye by years. 🇹🇷
2024: 37.24 TL
2025: 52.57 TL
2026: 62.97 TL
2027: 73.54 TL
2028: 85.48 TL
2029: 99.44 TL
#IMF #dollars #DollarTL #TurkishLira #Turkey
2024: 37.24 TL
2025: 52.57 TL
2026: 62.97 TL
2027: 73.54 TL
2028: 85.48 TL
2029: 99.44 TL
#IMF #dollars #DollarTL #TurkishLira #Turkey
Atilla Yeşilada said that Bitcoin will rise for this reason. 🪙💰🔝
Economist Atilla Yeşilada, known for his astute predictions, offers a compelling glimpse into potential investment landscapes for 2024. Here's a concise breakdown of his forecasts:
Japanese Yen and Bitcoin:
Yeşilada anticipates the Japanese Yen's rise against the US Dollar and Turkish Lira as deflation in Japan concludes. He suggests a 10% increase in the Yen against the Dollar, making it an appealing investment. Bitcoin also captures his attention, with expectations of growth fueled by low-interest environments and increased US fund investment.
Federal Reserve's Dilemma:
Yeşilada expresses concern about the Federal Reserve, foreseeing disappointment with interest rate cuts in late 2024. He believes reducing inflation to the Fed's 2% target will prove challenging, potentially impacting the global economy through prolonged tight monetary policies.
Turkey's Economic Landscape:
Predicting an economic slowdown in Turkey due to tight monetary policies, Yeşilada expects the Central Bank's policy rates to surpass 50%. He foresees deposit rates hitting 60%, loan rates at 70%, and a significant overall economic deceleration, with inflation unlikely to fall below 50% annually.
Turkish Lira's Fate:
Yeşilada suggests a gradual depreciation of the Turkish Lira against the Dollar by key figures like Mehmet Şimşek and Gaye Erkan to alleviate inflationary pressures. He projects the Dollar to be around 39 Turkish Lira by the end of 2024.
Stock Market Expectations:
Yeşilada paints a bearish outlook for the local stock market until local elections, with a positive shift expected post-election if there's a commitment to tight monetary policies. He envisions substantial capital inflows, potentially leading to a 30% increase in the BIST 100 index in Dollar terms and roughly a 70% increase in Turkish Lira terms.
#BTC #TurkishLira #Turkey #AtillaYeşilada #Japan
Economist Atilla Yeşilada, known for his astute predictions, offers a compelling glimpse into potential investment landscapes for 2024. Here's a concise breakdown of his forecasts:
Japanese Yen and Bitcoin:
Yeşilada anticipates the Japanese Yen's rise against the US Dollar and Turkish Lira as deflation in Japan concludes. He suggests a 10% increase in the Yen against the Dollar, making it an appealing investment. Bitcoin also captures his attention, with expectations of growth fueled by low-interest environments and increased US fund investment.
Federal Reserve's Dilemma:
Yeşilada expresses concern about the Federal Reserve, foreseeing disappointment with interest rate cuts in late 2024. He believes reducing inflation to the Fed's 2% target will prove challenging, potentially impacting the global economy through prolonged tight monetary policies.
Turkey's Economic Landscape:
Predicting an economic slowdown in Turkey due to tight monetary policies, Yeşilada expects the Central Bank's policy rates to surpass 50%. He foresees deposit rates hitting 60%, loan rates at 70%, and a significant overall economic deceleration, with inflation unlikely to fall below 50% annually.
Turkish Lira's Fate:
Yeşilada suggests a gradual depreciation of the Turkish Lira against the Dollar by key figures like Mehmet Şimşek and Gaye Erkan to alleviate inflationary pressures. He projects the Dollar to be around 39 Turkish Lira by the end of 2024.
Stock Market Expectations:
Yeşilada paints a bearish outlook for the local stock market until local elections, with a positive shift expected post-election if there's a commitment to tight monetary policies. He envisions substantial capital inflows, potentially leading to a 30% increase in the BIST 100 index in Dollar terms and roughly a 70% increase in Turkish Lira terms.
#BTC #TurkishLira #Turkey #AtillaYeşilada #Japan
Turkey's 2024 Minimum Wage Estimates Announced. 🫰🇹🇷
The minimum wage in Turkey is expected to be around 16,500 TL for 2024. This estimate corresponds to an average of 575 dollars.
#TurkishLira #Turkey #türkiye #inflation
The minimum wage in Turkey is expected to be around 16,500 TL for 2024. This estimate corresponds to an average of 575 dollars.
#TurkishLira #Turkey #türkiye #inflation
Amundi's Positive Outlook on Turkey. 💰🇹🇷
Amundi, Europe's largest asset management company, has expressed a more constructive assessment of the Turkish local market in recent times.
Jais Mehaji, the Communication Chief of Amundi Asset Management, confirmed the company's increasingly positive evaluation of the Turkish lira.
With its headquarters in Paris, Amundi manages a portfolio of approximately $2 trillion, and recent reports suggest a favorable stance towards the Turkish market.
Mehaji stated, "I can confirm that Amundi has become more constructive regarding the Turkish local market."
Sergei Strigo, Head of Amundi's Emerging Markets Fixed Income Division, mentioned in a Reuters interview that they are not yet ready to increase allocations in lira but emphasized that it is definitely on their radar.
Amundi's interest in the Turkish market signals potential opportunities and increased attention from one of Europe's financial giants.
#Amundi #TurkishLira #Turkey
Amundi, Europe's largest asset management company, has expressed a more constructive assessment of the Turkish local market in recent times.
Jais Mehaji, the Communication Chief of Amundi Asset Management, confirmed the company's increasingly positive evaluation of the Turkish lira.
With its headquarters in Paris, Amundi manages a portfolio of approximately $2 trillion, and recent reports suggest a favorable stance towards the Turkish market.
Mehaji stated, "I can confirm that Amundi has become more constructive regarding the Turkish local market."
Sergei Strigo, Head of Amundi's Emerging Markets Fixed Income Division, mentioned in a Reuters interview that they are not yet ready to increase allocations in lira but emphasized that it is definitely on their radar.
Amundi's interest in the Turkish market signals potential opportunities and increased attention from one of Europe's financial giants.
#Amundi #TurkishLira #Turkey
CBRT President Hafize Gaye Erkan said that inflation will decrease in the second half of 2024.🇹🇷💰
In a recent address, CBRT Governor Hafize Gaye Erkan shed light on key developments shaping Turkey's economic landscape.
Here are the highlights:
An upswing in term deposit requests suggests a timely shift to the Turkish Lira.
Recognizing the pivotal role of investor confidence in influencing financial conditions and exchange rates.
As of November 17, gross international reserves soared past $134 billion, marking the highest level in the last 9 years. Notably, Western fund inflows played a significant role in this surge.
Emphasis on the goal to sustain the momentum in reserve increase, underlining a commitment to long-term economic stability.
Striving for exchange rate stability, bolstering current account transactions, and fostering continuous reserve growth.
The policy agenda includes a concerted effort to bring inflation down to single digits at the earliest.
Governor Erkan underscores that every policy decision is geared towards societal well-being.
While early signals of the monetary tightening process are emerging, the tangible effects are anticipated to be more pronounced in 2024.
In a nutshell, these insights provide a glimpse into Turkey's economic strategy, with a focus on resilience, sustainability, and fostering a positive trajectory for the nation's financial landscape.
#CBRT #TCMB #HafizeGayeErkan #TurkishLira #Turkey
In a recent address, CBRT Governor Hafize Gaye Erkan shed light on key developments shaping Turkey's economic landscape.
Here are the highlights:
An upswing in term deposit requests suggests a timely shift to the Turkish Lira.
Recognizing the pivotal role of investor confidence in influencing financial conditions and exchange rates.
As of November 17, gross international reserves soared past $134 billion, marking the highest level in the last 9 years. Notably, Western fund inflows played a significant role in this surge.
Emphasis on the goal to sustain the momentum in reserve increase, underlining a commitment to long-term economic stability.
Striving for exchange rate stability, bolstering current account transactions, and fostering continuous reserve growth.
The policy agenda includes a concerted effort to bring inflation down to single digits at the earliest.
Governor Erkan underscores that every policy decision is geared towards societal well-being.
While early signals of the monetary tightening process are emerging, the tangible effects are anticipated to be more pronounced in 2024.
In a nutshell, these insights provide a glimpse into Turkey's economic strategy, with a focus on resilience, sustainability, and fostering a positive trajectory for the nation's financial landscape.
#CBRT #TCMB #HafizeGayeErkan #TurkishLira #Turkey
Moody's Expected to Upgrade Turkey's Credit Outlook. 🇹🇷🔝🆙
Moody's, a prominent credit rating agency, is poised to make a significant announcement regarding Turkey's credit outlook on January 12, 2024. While the credit rating is expected to remain at "B3," there's a buzz about a potential upgrade in the outlook from "stable" to "positive."
A recent survey conducted indicates a prevailing optimism among economists, with 10 out of 13 predicting a positive outlook. Furthermore, five analysts foresee an upgrade from the current "B3" rating to "B2." This speculation follows Moody's last adjustment in August 2022 when the credit rating was downgraded from 'B2' to 'B3' with a revised "stable" outlook.
▪️Analyst Predictions:
The absence of a December 15 report in 2023 has heightened the anticipation for Moody's upcoming evaluation. Analysts point to sustained tight monetary policy and inflation-targeted wage agreements as factors contributing to the potential shift from a "stable" to a "positive" outlook.
▪️Other Rating Agencies:
While Moody's is set to reveal its assessment on January 12, Fitch and CI Ratings have scheduled their reports for March 8, 2024, and September 6, 2024, respectively. Notably, S&P Global upgraded Turkey's outlook from "stable" to "positive" on November 30, 2023.
▪️Economic Indicators:
Economic indicators, such as Turkey's Treasury's cash deficit, have witnessed a staggering increase from 169.4 billion TL in 2022 to a record-breaking 625.5 billion TL in 2023. Concerns about rising cash deficits are influencing Moody's assessments, adding complexity to the upcoming announcement.
▪️Public Sentiment:
Public sentiment surrounding the potential credit outlook upgrade is a mix of skepticism and frustration. Concerns about economic policies and their impact on retirees are prevalent, with some expressing skepticism about the credibility of credit rating agencies. These sentiments reflect broader economic apprehensions.
#Moody's #TurkeyCrypto #TurkishLira #Turkey #türkiye
Moody's, a prominent credit rating agency, is poised to make a significant announcement regarding Turkey's credit outlook on January 12, 2024. While the credit rating is expected to remain at "B3," there's a buzz about a potential upgrade in the outlook from "stable" to "positive."
A recent survey conducted indicates a prevailing optimism among economists, with 10 out of 13 predicting a positive outlook. Furthermore, five analysts foresee an upgrade from the current "B3" rating to "B2." This speculation follows Moody's last adjustment in August 2022 when the credit rating was downgraded from 'B2' to 'B3' with a revised "stable" outlook.
▪️Analyst Predictions:
The absence of a December 15 report in 2023 has heightened the anticipation for Moody's upcoming evaluation. Analysts point to sustained tight monetary policy and inflation-targeted wage agreements as factors contributing to the potential shift from a "stable" to a "positive" outlook.
▪️Other Rating Agencies:
While Moody's is set to reveal its assessment on January 12, Fitch and CI Ratings have scheduled their reports for March 8, 2024, and September 6, 2024, respectively. Notably, S&P Global upgraded Turkey's outlook from "stable" to "positive" on November 30, 2023.
▪️Economic Indicators:
Economic indicators, such as Turkey's Treasury's cash deficit, have witnessed a staggering increase from 169.4 billion TL in 2022 to a record-breaking 625.5 billion TL in 2023. Concerns about rising cash deficits are influencing Moody's assessments, adding complexity to the upcoming announcement.
▪️Public Sentiment:
Public sentiment surrounding the potential credit outlook upgrade is a mix of skepticism and frustration. Concerns about economic policies and their impact on retirees are prevalent, with some expressing skepticism about the credibility of credit rating agencies. These sentiments reflect broader economic apprehensions.
#Moody's #TurkeyCrypto #TurkishLira #Turkey #türkiye
Binance Adds USDC/TRY Spot Trading Pair with Trading Bots Services Enabled
Binance, the world's leading cryptocurrency exchange, has announced the addition of a new spot trading pair: USDC/TRY. This exciting development enables users to trade the US Dollar Coin (USDC) against the Turkish Lira (TRY) with ease.
In addition to this new trading pair, Binance has also enabled trading bots services for USDC/TRY. This means that users can now automate their trading strategies using advanced algorithms and artificial intelligence. Trading bots can help users to maximize their profits, minimize their losses, and save time by executing trades 24/7.
The USDC/TRY trading pair offers a unique opportunity for traders to capitalize on the growing demand for stablecoins and the volatility of the Turkish Lira. USDC is a stablecoin pegged to the US dollar, providing a stable store of value and a hedge against market fluctuations. TRY, on the other hand, is the official currency of Turkey, offering exposure to the country's growing economy and trade relationships.
With Binance's advanced trading platform and trading bots services, users can now trade USDC/TRY with confidence and precision. The exchange's low fees, high liquidity, and fast execution times make it an ideal platform for traders of all levels.
In conclusion, the addition of the USDC/TRY spot trading pair and trading bots services on Binance is a significant development for cryptocurrency traders. It offers a new opportunity for traders to diversify their portfolios, hedge against market volatility, and automate their trading strategies. As the cryptocurrency market continues to evolve, Binance remains committed to providing innovative solutions and services to its users.
#Binance #USDC #TRY #TradingBots #SpotTrading #Cryptocurrency #Stablecoins #TurkishLira #CryptocurrencyExchange #TradingPlatform #LowFees #HighLiquidity #FastExecution #TradingStrategies #MarketVolatility #Hedge #Diversify #PortfolioManagement
Binance, the world's leading cryptocurrency exchange, has announced the addition of a new spot trading pair: USDC/TRY. This exciting development enables users to trade the US Dollar Coin (USDC) against the Turkish Lira (TRY) with ease.
In addition to this new trading pair, Binance has also enabled trading bots services for USDC/TRY. This means that users can now automate their trading strategies using advanced algorithms and artificial intelligence. Trading bots can help users to maximize their profits, minimize their losses, and save time by executing trades 24/7.
The USDC/TRY trading pair offers a unique opportunity for traders to capitalize on the growing demand for stablecoins and the volatility of the Turkish Lira. USDC is a stablecoin pegged to the US dollar, providing a stable store of value and a hedge against market fluctuations. TRY, on the other hand, is the official currency of Turkey, offering exposure to the country's growing economy and trade relationships.
With Binance's advanced trading platform and trading bots services, users can now trade USDC/TRY with confidence and precision. The exchange's low fees, high liquidity, and fast execution times make it an ideal platform for traders of all levels.
In conclusion, the addition of the USDC/TRY spot trading pair and trading bots services on Binance is a significant development for cryptocurrency traders. It offers a new opportunity for traders to diversify their portfolios, hedge against market volatility, and automate their trading strategies. As the cryptocurrency market continues to evolve, Binance remains committed to providing innovative solutions and services to its users.
#Binance #USDC #TRY #TradingBots #SpotTrading #Cryptocurrency #Stablecoins #TurkishLira #CryptocurrencyExchange #TradingPlatform #LowFees #HighLiquidity #FastExecution #TradingStrategies #MarketVolatility #Hedge #Diversify #PortfolioManagement
🚀 Breaking News! 🚀
🇹🇷 Turkish Lira has effectively collapsed against #Bitcoin, reaching virtually zero value!
💥 Another stark example of the power of cryptocurrency in times of economic uncertainty.
#TurkishLira #BTC #HOTTRENDS #crypto #trending
$SOL $BOME $BTC
🇹🇷 Turkish Lira has effectively collapsed against #Bitcoin, reaching virtually zero value!
💥 Another stark example of the power of cryptocurrency in times of economic uncertainty.
#TurkishLira #BTC #HOTTRENDS #crypto #trending
$SOL $BOME $BTC
Turkey's Crypto Legislation: A Post-Election Overview by Mehmet Şimşek. 🔥🇹🇷
In a recent interview with Bloomberg HT, Mehmet Şimşek, Turkey's Treasury and Finance Minister, shared insights into the impending crypto legislation in the country. Let's delve into the key highlights he provided.
Mehmet Şimşek assured the public that the long-awaited crypto legislation, known as Kripto Tasarısı, is ready for implementation. The anticipation for its enactment is high, with expectations of unfolding after the local elections on March 31, 2024.
Expressing confidence, Şimşek hinted at the potential activation of the crypto legislation shortly after the March 31 elections. Considering the election date, the implementation timeline might extend into April.
Addressing concerns about taxation, Şimşek provided assurance that there are no immediate plans for tax regulations that could disrupt the crypto market.
Şimşek discussed Turkey's commitment to combating money laundering and financing terrorism, aligning with FATF standards. An on-site evaluation by a delegation is expected in April-May, with the possibility of Turkey being removed from the watchlist by June 2024 if political obstacles are avoided.
Mehmet Şimşek's recent insights offer a glimpse into Turkey's approach to crypto legislation, indicating the potential establishment of a regulatory framework post the local elections. The emphasis on avoiding disruptive tax measures and Turkey's dedication to international standards adds depth to the evolving crypto landscape in the country. Stay tuned for further updates on this dynamic regulatory journey.
#MehmetŞimşek #TurkishLira #Turkey #TurkeyCrypto #crypto
In a recent interview with Bloomberg HT, Mehmet Şimşek, Turkey's Treasury and Finance Minister, shared insights into the impending crypto legislation in the country. Let's delve into the key highlights he provided.
Mehmet Şimşek assured the public that the long-awaited crypto legislation, known as Kripto Tasarısı, is ready for implementation. The anticipation for its enactment is high, with expectations of unfolding after the local elections on March 31, 2024.
Expressing confidence, Şimşek hinted at the potential activation of the crypto legislation shortly after the March 31 elections. Considering the election date, the implementation timeline might extend into April.
Addressing concerns about taxation, Şimşek provided assurance that there are no immediate plans for tax regulations that could disrupt the crypto market.
Şimşek discussed Turkey's commitment to combating money laundering and financing terrorism, aligning with FATF standards. An on-site evaluation by a delegation is expected in April-May, with the possibility of Turkey being removed from the watchlist by June 2024 if political obstacles are avoided.
Mehmet Şimşek's recent insights offer a glimpse into Turkey's approach to crypto legislation, indicating the potential establishment of a regulatory framework post the local elections. The emphasis on avoiding disruptive tax measures and Turkey's dedication to international standards adds depth to the evolving crypto landscape in the country. Stay tuned for further updates on this dynamic regulatory journey.
#MehmetŞimşek #TurkishLira #Turkey #TurkeyCrypto #crypto
📌 Turkish Treasury and Finance Minister Mehmet Şimşek:
🗣 "Within the scope of our productive cooperation with the World Bank, we provided resources of 1.5 billion dollars for the financing of 3 separate projects."
#türkiye #Turkey #economy #TurkishLira #TCMB
🗣 "Within the scope of our productive cooperation with the World Bank, we provided resources of 1.5 billion dollars for the financing of 3 separate projects."
#türkiye #Turkey #economy #TurkishLira #TCMB
L'économiste Mahfi Eğilmez :
"Tout à l'heure, quelqu'un a déclaré sur une chaîne de télévision que si une personne possédant 1 million de TL en Turquie dépose de l'argent à la banque à 42% pendant un an, elle gagnera 420 000 TL d'intérêts par an et il n'est pas nécessaire d'investir. Türkiye est de 65 %, avec 42 % d'intérêt, vous perdrez de l'argent, et encore moins en gagnerez. Apprenez quelques calculs, mes amis.
Bitcoin est la seule solution...
❤️ Si vous avez trouvé cela utile, pensez à me donner un pourboire via la fonctionnalité Binance Tipping. Votre générosité m'aidera à continuer à fournir des contenus de haute qualité. 🙏🏿
#inflation #Write2Earn #TrendingTopic #MahfiEğilmez #TurkishLira
"Tout à l'heure, quelqu'un a déclaré sur une chaîne de télévision que si une personne possédant 1 million de TL en Turquie dépose de l'argent à la banque à 42% pendant un an, elle gagnera 420 000 TL d'intérêts par an et il n'est pas nécessaire d'investir. Türkiye est de 65 %, avec 42 % d'intérêt, vous perdrez de l'argent, et encore moins en gagnerez. Apprenez quelques calculs, mes amis.
Bitcoin est la seule solution...
❤️ Si vous avez trouvé cela utile, pensez à me donner un pourboire via la fonctionnalité Binance Tipping. Votre générosité m'aidera à continuer à fournir des contenus de haute qualité. 🙏🏿
#inflation #Write2Earn #TrendingTopic #MahfiEğilmez #TurkishLira
