The Turkish Lira observed a new low against the dollar on Sept. 23, trading for 7.684 liras against the greenback by 10 a.m. The lira observed a record low yesterday as well, dipping to 7.682 liras. Meanwhile, Turkish economist Uğur Gürses noted that the decline in exchange rates was triggered by a distrust for the economy.
The Turkish Lira continued plummet to record lows against G10 currencies on Sept. 21, trading for 7.59 liras on the dollar at opening. Meanwhile, the currency trades for 8.98 liras per euro and 9.81 liras per pound sterlin.
Unlike what those in Ankara who are managing the economy believe, 51 percent of the economy is not psychological perception, it is trust. Empires of fear do not generate trust.
Turkey is poised to produce a record amount of gold this year and the Central Bank will probably buy all of it at prices near record highs, Bloomberg reported on Aug. 24. The value of its gold reserves surged to an all-time high in the week through Aug. 7, only to drop 5 percent a week later, the biggest decline in five months. That effectively mirrored the moves in market prices over the same period.
Turkish Treasury is “printing” forex bonds to create additional foreign currency for its own operations. Public banks, on the other hand, are spending their cash foreign currencies and replacing them with forex bonds the Treasury is printing.
For a long time, Ankara had eroded foreign currency reserves worth near 100 billion to hold the rate. Now, it has come to the end of the road. It has spent its last penny and left the rate to the markets. Thus, the “unheard of” invented exchange rate regime has collapsed.
Canadian mining company Alamos Gold has said that its license required to resume operations in the Kaz Mountains is pending, as environmentalists continue their watch in the area. The Kaz Mountains Resistance has been in action in over 350 days to evacuate the mining company from the western landscape.
A jeweler in the southeastern province of Kahramanmaraş embroidered masks with gold. A local professional chamber chair said that they thought a regular mask created a visual disaccord in a wedding.
Positive developments in COVID-19 vaccine studies have stopped the steady increase in gold prices. Pharmaceutical giant Pfizer said on July 1 that their vaccines were effective in increasing recipients' antibodies.
Turkey’s Environment and Urbanization Ministry approved the construction of a second cyanide pool in the northwestern province of Eskişehir despite protests from the local community. Locals are concerned that the construction of the pool will destroy the local ecosystem and pollute their water reserves.
Since the COVID-19 crisis erupted, Turkish Central Bank’s reserves fell nearly 20 billion dollars. Now, the thought of “Can there be a swap line opened from the U.S. Central Bank Fedreserve ?” is in question.
Gold prices spiked April 13 as one gram of gold was priced at 367 Turkish Lira at the start of the day, and one ounce of gold was priced at 1686 lira.
Turkey's Central Bank has become the largest gold purchaser in the world in January and February of this year, with 41 tons of gold. Turkey was followed by Russia (19 tons), the United Arab Emirates (5.9 tons), Kazakhstan (2.8 tons) and Mongolia (1 ton).
Turkish Trade Ministry has made a number of changes in the customs processes, making bringing gold from abroad easier. The move aimed to prevent the loss of time and money that stemmed from the gold being analyzed in a laboratory.
The gold and dollar exchange rates in Turkey surged to record highs Feb. 24, dropping again on Feb. 25 after markets opened and traders started to sell. Dollar prices rose as high as 6.16 TL during the day, marking a new high for the last 9 months. The price of 1 ounce of gold reached $1,688, and the price of one gram of gold reached a record price of 334 TL.