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Author Topic: Bank stocks plummet Frightened by the Turkish currency crisis in Europe  (Read 460 times)

Karin Hpns

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Bank stocks plummet Frightened by the Turkish currency crisis in Europe

Shares in Spanish bank BBVA fell 1.2 percent to a two-month low today. Because investors see BBVA as the bank that will be most affected by the Turkish financial crisis.

Investors are also expecting French bank BNP Paribas and Dutch bank ING Groep. will be affected as well because it operates in Turkey.

UniCredit, an Italian bank Preparing to withdraw investment from Turkey

According to the Bank for International Settlements (BIS), Spanish banks offer the most loans in Turkey among European banks. with a total amount of nearly $63 billion This was followed by banks from France, Germany, Britain, the United States, Japan and Italy.

The Turkish lira continued to fall to a record low. It fell for 11 straight days after Turkish President Recep Tayyip Erdogan defended the government's monetary easing policy. Despite inflation rising nearly 20%

The lira was also pressured by the dollar's appreciation. which rebounded in response to President Joe Biden has decided to nominate Jerome Powell as the Federal Reserve Chair for a second term.

The lira fell 11 percent to 13.45 against the dollar today. which is the lowest level on record

The lira has continued to depreciate. After staying at 8 against the dollar last year. And last month it stood at 9 against the dollar and slumped to 10 against the dollar last week.

The lira has collapsed 40% since the beginning of this year. It is the worst emerging market currency. Amid the sell-off of foreign investors who are unsure of the central bank's independence After President Erdo fired several previous central bank governors. because it does not meet the government's monetary easing policy

President Erdogan said Turkey needs monetary easing. by reducing interest rates to stimulate exports, investment and employment Despite inflation rising nearly 20% and the lira plummeting

In addition, Erdogan said that Monetary policy tightening will not help curb inflation in the country.

Inflation in Turkey has now reached 19.89 percent, its highest in nearly three years and four times above the central bank's 5% target.



 

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