Turkey raised the tax on foreign currency deposits

September 1, 2018 10:20 pmComments Off on Turkey raised the tax on foreign currency deposits
Turkey raised the tax on foreign currency deposits

Turkey raised the tax on foreign currency deposits and removed taxes on those in Turkish lira in its efforts to support its troubled currency. According to today’s decision, the tax on foreign currency deposits with a term of up to six months increases from 18% to 20%. At the same time, the tax on deposits in Turkish lira with a term over one year is reduced from 10% to 0%. […]

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Russian ruble reached its lowest level against the US dollar in more than two years

August 14, 2018 10:58 amComments Off on Russian ruble reached its lowest level against the US dollar in more than two years
Russian ruble reached its lowest level against the US dollar in more than two years

The Russian ruble reached its lowest level against the US dollar in more than two years, affected by the continuing pressure on emerging markets because of the economic situation in Turkey. The Russian Central Bank could not helped despite that stopped the purchase of foreign money for its reserves. On Monday morning, the ruble fell to 68.66 rubles per dollar, which is unprecedented level since April 2016. Later, it managed […]

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Turkish lira declined for the fourth consecutive day

August 13, 2018 8:26 pmComments Off on Turkish lira declined for the fourth consecutive day
Turkish lira declined for the fourth consecutive day

The Turkish lira declined for the fourth consecutive day to a record low, while the sell-offs spread among the currencies of other emerging markets after President Recep Tayyip Erdogan showed no signs for agreement with the United States. The TRY collapsed by 11% against the US dollar in small volume deals in Asia before limiting the decline after the Surveillance Agency took steps to curb the swap transactions of the […]

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Iranian rial loses 18% of its value in two days

July 31, 2018 7:50 pmComments Off on Iranian rial loses 18% of its value in two days
Iranian rial loses 18% of its value in two days

Iranian rial continue depreciation, as it has lost 18% of its value for two days before the expected renewing of US sanctions against Tehran on August 6. Since the beginning of the year, the Iranian rial has lost nearly two-thirds of its value. Today, in the parallel market, one US dollar was exchanged for 119,000 rials compared to 100,000 rials on Sunday. On January 1, 2018, the exchange rate was […]

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Sharp decline of the Chinese yuan mitigates the impact of the trade war

July 22, 2018 7:57 pmComments Off on Sharp decline of the Chinese yuan mitigates the impact of the trade war
Sharp decline of the Chinese yuan mitigates the impact of the trade war

The Chinese currency fell sharply, reaching its lowest value in the past year, which is great relief from exporters, but risking to raise Donald Trump’s anger within the trade war. Since April, the local currency has lost 10% of its value against the US dollar, giving advantage of the Chinese producers on the US market. This is a sharp decline, which happens at a time when Washington has just imposed […]

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