ISTANBUL, Oct 24 (Reuters) - Turkey's central bank slashed its policy rate more than expected to 14% on Thursday, taking advantage of an inflation dip and a steadier lira after Washington cancelled just-announced sanctions over Ankara's military incursion into northeast Syria.
Quite the interest rate to pay for a Syrian invasion. Which government pays 15% on their money? Why Reagan, the Alzheimer;s president. Why does Turkey get stuck?
At the end of December 2017, the gross, foreign-currency denominated debt of the Turkish state stood at $453.2 bn (about 53% of GDP), while Turkey's net foreign debt was $291.2 bn (about 34% of GDP).
That foreign debt, especially dollar denominated debt. Rates used to be lower, now they are higher and Turkey has to refinance.
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