Erdogan appoints himself chairman of Turkey's sovereign wealth fund

Turkish lira gains value against US dollar

The bank said it was hiking its main interest rate by 625 basis points to 24 per cent, double the market consensus for the raise.

"Turkey's Wealth Fund has appointed President Recep Tayyip Erdogan as its new chairman, according to a notification in the Official Gazette", state news agency Anadolu said. The rate hike could squeeze growth further, but independent experts say it is needed to contain inflation of about 18% and support the currency.

Its monetary committee chose to "implement strong monetary tightening to support price stability", it said on Thursday, as it raised interest rates by 625 basis points in the face of a spike in inflation and a slump in the lira.

Erdogan again described interest rates as a "tool of exploitation" but vowed that "we can not be taken advantage of".

Following the news, the Turkish lira rose 5 percent in value against the USA dollar, reversing its 42-percent fall this year against the American currency.

In another bid to prop up the lira, Erdogan earlier on Thursday ordered by decree that property agreements in foreign currencies would not be allowed.

TRT World's Turkey analyst Yusuf Erim has more.

"Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement".

Eating dairy products linked to lower death rates
A new research challenges the widely held belief that those who consume less full fat are at higher risk of heart disease. That said, people should stick to low-fat dairy, she advised.

The decision came despite Erdogan repeating his opposition to high interest rates earlier in the day, saying high inflation was a result of the central bank's wrong steps. In one direction it could hear the siren call of investors craving higher interest rates to draw a line in the inflationary sand and stop the lira's collapse.

The embattled currency has fallen by 40% this year amid a lack of interest rate hikes to control inflation.

Inflation also soared this month to a 15-year high of nearly 18%.

The bank later said funding would be provided via the policy rate, the one week repo auction rate, instead of through overnight lending from September 14.

The lira has plunged in recent weeks on concerns over domestic policymaking and a crisis in relations with the United States.

Relations with the U.S. deteriorated last month after Washington imposed sanctions on two Turkish ministers over the detention of an American pastor and President Donald Trump doubled steel and aluminium tariffs on Turkey.

"Great decision - made all the more hard by the huge pressure on the central bank from Erdogan", said Bluebay Asset Management LLC strategist Tim Ash.

Related News:

  • Bomb explosion kills 50 people in Afghanistan, say TV channels

    Bomb explosion kills 50 people in Afghanistan, say TV channels

    A suicide bomber on Tuesday targeted a protest in Mohmand Dara district in Nangarhar province. Reports earlier on Tuesday spoke about a chain of explosions near three schools in Nangarhar.
    Seahawks react to Seattle Storm's third WNBA championship

    Seahawks react to Seattle Storm's third WNBA championship

    Bird has played on all three championship teams. "Obviously, this finals didn't go the way we wanted it". Despite the misfires, Washington rallied from down 18 points to trailing 72-67 with 6:49 remaining.

    "Once In A Lifetime" Hurricane Florence Weakens, Begins Lashing Eastern US

    And while she hadn't thought about what she'll do if Hurricane Florence floods her neighborhood again, Hardin's here to stay. Emergency declarations were in force in Georgia, South and North Carolina, Virginia, Maryland and the District of Columbia.
  • ISS images show massive Hurricane Florence from 400 km up

    Officials said some 1.7 million people in the Carolinas and Virginia were warned to evacuate, but it's unclear how many did. "Catastrophic effects will be felt outside the center of the storm due to storm surge as high as 9 to 13 feet".
    Leaked Study Documents Thousands of German Sex-Abuse Cases

    Leaked Study Documents Thousands of German Sex-Abuse Cases

    Pope Francis has launched an investigation into alleged financial irregularities involving the 550-year-old Sistine Chapel Choir. DiNardo's deputy Jose Horacio Gomez and general secretary Brian Bransfield also attended the closed-door meeting.
    Here's When You Can Pre-Order Your New iPhone From Telstra

    Here's When You Can Pre-Order Your New iPhone From Telstra

    With curved corners, it's also slightly thinner, has more reliable reception and two times faster, thanks to a new processor. The XS and XS Max have dual 12-megapixel rear cameras and a dual 7-megapixel selfie camera - just like the iPhone X .
  • Landslide injures tourists at famed ‘shipwreck’ beach in Greece

    Landslide injures tourists at famed ‘shipwreck’ beach in Greece

    Tourists board a boat at the beach Navagio following a rockfall , on the island of Zakynthos, Greece September 13, 2018. The landslide occurred Thursday on the Navagio Beach , or Shipwreck Beach , on the northwestern coast of the island.
    Horrific details emerge in Jabari Bird assault case

    Horrific details emerge in Jabari Bird assault case

    What is Bird's employment status with the Celtics? The Celtics selected Bird with the No. 56 overall pick in the 2017 NBA Draft. Boston Celtics guard Jabari Bird pleaded not guilty on Thursday to charges of domestic assault, strangulation, and kidnapping.
    Tottenham’s Hugo Lloris out for ‘several weeks’ with thigh injury

    Tottenham’s Hugo Lloris out for ‘several weeks’ with thigh injury

    Foyth has now returned to training, however, but Sissoko is not expected to resume training with the group again until next week. The news is a bitter blow for boss Mauricio Pochettino, who was hopeful of selecting the pair for this weekend.
  • Flight carrying Kulsoom Nawazs body departs for Pakistan

    Flight carrying Kulsoom Nawazs body departs for Pakistan

    For the sake of uninterrupted traffic flow, special arrangements were also made outside Jattiumra. People continued to arrive at Jati Umra to express grief and offer sympathy to the Sharif family.
    Final Fantasy Is Being Well Represented On Switch

    Final Fantasy Is Being Well Represented On Switch

    Final Fantasy 15: Pocket Edition is kicking off this string of Final Fantasy releases for the Switch, and it is available now. Additionally, what about all of those Final Fantasy games that appeared on Nintendo hardware?

    Hurricane Florence hours away from Carolinas

    Water kills more people in hurricanes than wind, and he said it will still be an extremely unsafe storm for rain and storm surge. Up to 10 inches of rain is predicted as far west from the Atlantic Ocean as Charlotte, N.C., the NHC's Ken Graham said Thursday.


Most liked

Brady appreciates Ramsey leaving him off list of QBs that 'suck'
Ramsey wouldn't really hit his grandmother, would he? "The guy's won a ton of football games and he's very hard to beat". Gronkowski, meanwhile, has done his part to simply ignore Ramsey's chirping, but isn't backing down from the challenge.

David Silva reveals the one club he's always wanted to play for
However, City have also confirmed that things are good off the pitch too, with revenue breaking the £500m mark. For the fourth consecutive season, City reported a profit, this time of £10.4 million.

Hurricane Florence Rocks Wooden Pier in Nags Head
The Charleston area will see winds near tropical storm strength of 40 miles per hour and somewhere between 3 to 6 inches of rain. Sixteen kilometres away in the city of Wilmington , wind gusts were stirring up frothy white caps into the Cape Fear River.

Meghan Markle mocked by half-sister Samantha in latest rant
Royal fans went wild once the photo was posted. "She has an obligation especially to treat our father with kindness". This is the end of your normal life, the end of your privacy - everything'. "This is a happy time for us".

More than 20,000 on NC coast already without power from Florence gusts
People are seen inside a shelter run by Red Cross before Hurricane Florence comes ashore in Grantsboro, N.C., September 13, 2018. Another Wilmington resident said she does not want to leave because she is afraid to see what she would be coming back to.

This will be the name of the 6.1-inch budget iPhone X
As per the report, people familiar with the matter have said, "Apple has considered calling the phone the "iPhone XR". While there have also been rumblings that the devices might be priced at $799 and $999, that seems somewhat unlikely.

USA ‘weighing’ China sanctions for treatment of Uighur Muslims
The Uyghurs were forced to welcome officials into their homes, where they were subjected to "political education". The government has previously blamed anti-China forces for being behind criticism of its policies in Xinjiang.

Makelele: Sarri can ‘make history’ at Chelsea
Sarri, 59, has since overseen a ideal start to his tenure with the Blues, winning all four Premier League matches so far. Manchester City, Manchester United, and also the smaller teams have good players.

Australian newspaper insists controversial Serena Williams cartoon is not racist
Despite evidence to the contrary, a mob of Twitter users would go after Knight declaring him and his cartoon racist. The cartoon comes a day after Williams was fined $17,000 for three violations she committed at the U.S.

Hurricane Florence shifts south; Georgia and Carolinas hunker down
The hurricane center said Florence will approach the coast Friday and linger for a while before rolling ashore. More than 1 million people have been ordered to evacuate the coastlines of the Carolinas and Virginia.

Scientists discover new fish species in ocean's terrifying depths
Apart from snailfish, they also found various freaky creatures in the environment such as long-legged isopods or Munnopsids . The creatures can swim backwards and upside down, have long legs like a spider, and paddles to help them swim.

Georgia Declares Emergency as Hurricane Florence Approaches
Wednesday, Florence was 435 miles from Wilmington, N.C., moving northwest at 16 mph, according to the National Hurricane Center . Even miles away from the Atlantic, North Carolina residents in low-lying areas were boarding up and emptying stores.

Andy Dalton finds a way to light up the Ravens this time
Flacco's new weapons-Michael Crabtree, John Brown and Willie Snead-all caught touchdowns from Joe Flacco in Week 1 . Most fans are aware that the Ravens are more known for their defense rather than they are for their offense.

The biggest announcements from Apple's iPhone Xs event
Perhaps the most shocking news to come out of the iPhone event was that Apple has chose to kill off the iPhone X . The two phones are nearly identical in design and features, with the XS being a refinement of last year's phone.

United Nations chief pushes for protection of civilians in Syria's Idlib
But Russian and Syrian regime air raids on Idlib have intensified in recent days, with a hospital among the targets. Turkey is concerned that HTS could seek to use civilians as human shields and prevent them from reaching Afrin.