{"id":15194,"date":"2023-05-29T07:24:10","date_gmt":"2023-05-29T11:24:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/turkish-stocks-rise-lira-hits-fresh-record-low-after-erdogan-wins-re-election\/"},"modified":"2023-05-29T07:24:17","modified_gmt":"2023-05-29T11:24:17","slug":"turkish-stocks-rise-lira-hits-fresh-record-low-after-erdogan-wins-re-election","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15194","title":{"rendered":"Turkish stocks rise, lira hits fresh record low after Erdogan wins re-election"},"content":{"rendered":"
\n

Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position. <\/p>\n

The results of a runoff poll, after no clear winner emerged in the May 14 election, showed Erdogan with 52% of the vote, while his challenger, Kemal Kilicdaroglu, had 48%, with more than 99% of ballot boxes opened. <\/p>\n

\n

Turkey\u2019s BIST index
\n XU100,
\n +3.70%<\/bg-quote>
\n rose 4.2%. The index has gained 94% over 12 months in local currency terms, as investors in the country have turned to the stock market to shelter from soaring inflation amid a severe cost-of-living crisis. <\/p>\n

The country\u2019s annual inflation dipped to just over 43% in April, but shot above 85% last year due to Erdo\u011fan\u2019s determination to cut interest rates despite price pressures, with the currency bearing the brunt of that. Some suspected the leader would have an election fight on his hands due to the country\u2019s economic woes and a devastating earthquake\u00a0that killed more than 59,000 people earlier this year. <\/p>\n

The dollar\u00a0
\n USDTRY,
\n +0.57%<\/bg-quote>
\n rose 0.26% to a new high of 20.07 lira, tapping a new high of 20.08 lira. The lira has lost 23% in the last 12 months, <\/p>\n

The U.S.-listed iShares MSCI Turkey ETF
\n TUR,
\n +3.03%<\/bg-quote>
\n fell 1.1% in late trading on Friday.<\/p>\n

What\u2019s next for Erdogan and Turkey? Wolfgano Piccoli, co-president, Political Risk Advisory with Teneo, said some policy-making adjustments could be seen ahead of March 2024 local elections. \u201cPreserving a sense of economic stability through next spring will be a priority,\u201d for Erdogan, he told clients in a note. <\/p>\n

That could involve a gradual tightening of interest rates if the lira sees more intense pressure. \u201cThanks to his new additional five-year term, Erdogan could also try to secure new external financing from foreign allies by bargaining on foreign policy issues,\u201d said Piccoli. <\/p>\n

\u201cThe appointment of a new economy minister could also be used to convey the impression that Erdogan is willing to recalibrate his economic policy-making. The front-runners for the job are Lufti Elvan and Cevdet Yilmaz \u2013 both enjoy a good reputation but neither of them carries the political weight to oppose Erdogan,\u201d he said. <\/p>\n

\u201cOnly if faced with an imminent economic-financial crisis, Erdogan would endorse a dramatic U-turn to return to orthodox economic policy-making, before pivoting back to his favorite low interest monetary policy,\u201d said Piccoli.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position. The results of a runoff poll, after no clear winner emerged in the May 14 election, showed Erdogan with 52% of the vote, while his […]<\/p>\n","protected":false},"author":1,"featured_media":15195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-15194","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nTurkish stocks rise, lira hits fresh record low after Erdogan wins re-election | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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