Finished: Turkey went bankrupt amid depletion of foreign exchange reserves


Turkey is experiencing large economic problems, suffering from a shortage of currency, accelerating processes of devaluation and depletion of domestic reserves. The lira is depreciating against the dollar almost every day.


On November 17, the exchange rate fell to a minimum - 7,67 lira was given for one US dollar, and since the beginning of 2020 it has fallen in price by a third. The central bank of Turkey does not plan to raise the key rate and prefers to keep the lira exchange rate by selling currency from reserves. However, the reserves of the reserve fund practically equaled to zero - at the beginning of the year they amounted to about $ 74 billion, and at the end of September they became only $ 44,9 billion. If we deduct from them the amount of 44 billion in reserves belonging to commercial banks, it turns out that Turkey's foreign exchange reserves have been exhausted.

Last week, Moody's downgraded the junk sovereign rating of the Republic of Turkey to Uganda and Rwanda, to B2. This means that income from sales of goods abroad does not cover imports and mandatory payments on foreign accounts. Turkey's external public debt amounted to about $ 100 billion, while the country's Central Bank itself owes about $ 50 billion on swap transactions, with the help of which it attracts foreign currency. Thus, Turkey has no funds to settle the regulator's debts.

The plight of the Turkish economy is exacerbated by the COVID-19 pandemic, which is rapidly shrinking tourism revenues, with hotel occupancy at around 40 percent of normal and investors dumping their assets in Turkey.

The balance of payments crisis will lead to serious disruptions in the functioning of the economy and further deterioration of the financial situation of the government

- experts say Moody's.

The numerous conflicts in which Ankara got bogged down also played an important role. The maintenance of numerous terrorist groups in Syria and Libya, as well as direct participation in wars, has become a significant challenge for the Turkish budget. The cooling of relations with Western countries against this background created a fair amount of uncertainty about the future of the country in the eyes of investors, which in turn also negatively affects the national currency.
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  1. Afinogen Offline Afinogen
    Afinogen (Afinogen) 23 November 2020 09: 35
    0
    Erdogashek finished playing with the matches. One can only advise you to collect the bundles and suitcases, otherwise you will have to carry your feet in a hurry you can forget a lot, when Yanukovych ran away, the "golden loaf" forgot laughing
    1. passing by Offline passing by
      passing by (passing by) 23 November 2020 10: 13
      -2
      So that the construction of the Turkish stream and the nuclear power plant was thwarted, and a pro-American puppet came to power? will not wait.
      1. Afinogen Offline Afinogen
        Afinogen (Afinogen) 23 November 2020 10: 21
        -2
        Quote: passing by
        To thwart the construction of the Turkish stream and the nuclear power plant

        Well, then you need to help Erdogan to give him a big loan so that he has enough money. Are you suggesting this? Erdogan himself is to blame, no one "helped" him, played with the Sultan.
        1. passing by Offline passing by
          passing by (passing by) 23 November 2020 10: 47
          0
          Washington stopped obeying and offended the soros? what a sadness ... or maybe he shouldn't interfere with the sorceresses? laughing
    2. Bitter Offline Bitter
      Bitter (Gleb) 23 November 2020 10: 34
      -2
      have to get away in a hurry

      In light of the huge success on the Karabakh front, everything will be fine for them. No one will need to take anything away.

      when the "golden loaf" ran away forgot

      Much will now depend on Turkey's relationship with the "invisible hand of the market" in the political arena. If they (the relationship) are confirmed by the ruling elite and accordingly evaluated by the other side, then everything will be fine. If the Erdogan cabinet goes into opposition with them, then even having tried very hard, the Russians will not be able to soften the fall of the Turkish economy. We'll have to line up for other creditors and / or write off debts in a friendly way.
      1. Afinogen Offline Afinogen
        Afinogen (Afinogen) 23 November 2020 10: 44
        +1
        Quote: Bitter
        In light of the huge success on the Karabakh front, everything will be fine for them. No one will need to take anything away.

        And what does the front have to do with it? request As far as I understand, it is about economic problems in Turkey itself. And when I said to pack your bags, this was by no means gloating, but good advice.

        Quote: Bitter
        then even by trying very hard the Russians will not be able to soften the fall of the Turkish economy.

        This is where the main question is brewing. Why should the Russians save the Turkish economy ??? We do not have our own problems, or we have nowhere to put a lot of money ??? We have our own problems above the roof.
        1. Bitter Offline Bitter
          Bitter (Gleb) 23 November 2020 19: 01
          +1
          And what does the front have to do with it?

          Yes, by the way I had to. After all, any war is the engine of the economy. Sophia Cathedral, Karabakh, some kind of business in Kosovo, Libya, the Aegean Sea like this, slowly and about nothing, Erdogan manages to rally more and more Muslims around him. There will be no radical change of course or revolution, in any case "pro-Russian", in Turkey. I do not think that the Sultan will take the momentary "carrot" from the new Russians, he has plenty of English and European carrots in store.

          Why should the Russians save the Turkish economy ..

          Just as in its time, politics, it would seem, have absolutely nothing to do with it. This will be a cunning plan of those in power and their Turkish partners, but for now it is extremely secret and we will be told about this when they manage to formulate this phenomenon as it is acceptable for the masses.
      2. oracul Offline oracul
        oracul (leonid) 24 November 2020 07: 57
        +2
        It is not very clear what is Turkey's huge success in Nagorno-Karabakh? Have grown by territories? no. Got natural resources at your disposal? No. Dragged into Russia in an unnecessary war? No. Have you got rid of some of the militants? Yes. Have you checked some weapons? Thank you preempted us.
  2. zloybond Offline zloybond
    zloybond (steppenwolf) 23 November 2020 10: 28
    +5
    I don’t know about Turkey’s account, but in the Kuban, the granary of Russia, inflation is breaking all patriotic templates. Sugar in agusta cost 29,50 per kg in a magnet, and today it's already 51 ... We'll throw apples into the country, but they are 50 rubles in a magnet and above 100 ... You have to look in the mirror, and not nod at Turkey
    1. passing by Offline passing by
      passing by (passing by) 23 November 2020 11: 00
      +1
      ... because of the summer drought in the south and in the Black Earth Region, the crops of sunflower, sugar beet and other industrial crops were seriously affected. Thus, the collection of sunflower seeds in the Voronezh region promises to be almost half of last year's - about 0,7 million. 2019 is not indicative: it was very favorable for oilseeds. But the current harvest of seeds is 30-40 percent lower than the average annual values.
      Sunflower harvesting began in October. However, alarming expectations have fueled the market since summer.

      - Sunflower oil has risen in price by almost 40 percent since August. This is due to the fact that crop failure is expected not only in the Russian Federation, but also in Ukraine and Canada. After the publication of such data, sunflower oil on the stock exchange rose in price by $ 135 in three days, which, accordingly, led to an increase in prices in our domestic market, "explained Anna Semernina, President of the Solid investment and financial company, which supports oil exports to China. ...
  3. Tamara Smirnova Offline Tamara Smirnova
    Tamara Smirnova (Tamara Smirnova) 23 November 2020 12: 58
    +2
    And there is nothing to open your mouth to someone else's. Ambitions must also be justified, otherwise you can pull the string, but turn it inside out. However, Turkey with Airdl at the head deserved it.
  4. Pandiurin Offline Pandiurin
    Pandiurin (Pandiurin) 23 November 2020 13: 55
    +1
    The low cost of the lira is, in principle, good as a protectionism mechanism.
    Turkey has its own developed domestic production. The United States ran into China at one time for too cheap yuan.
    The bad news is that Turkish money depreciates too quickly, the Turks lose confidence in the lira and buy up currency.
    Apparently there is a huge budget deficit. In such a situation, speculators in the foreign exchange markets have a huge temptation to play on an even larger collapse of the lira and will do it.
    If there is an opportunity to make money, they never refuse it. Moreover, it will be easy to do if Turkey has zero gold reserves.
    We are waiting for a lyrical peak.
    1. Vladimir Tuzakov (Vladimir Tuzakov) 23 November 2020 14: 27
      +4
      When the economies of the countries of the world depend mainly on the financial sector, all countries that are disagreeable to financial globalists are plunged into a financial crisis, after which an economic crisis occurs. There are many examples, the same Argentina, having started the war for the Maldives-Falklands with England, does not crawl out for decades from the financial and jointly as, a derivative, the economic crisis, etc. ... The same oil picture began with Turkey ... Financial weapons are the most important today on regulation - the collapse of economies, remember how for a million dollars riches for billions of dollars were seized in Russia, the same globalists in action ... And today the entire economy of the Russian Federation is tied to the dollar, - a piece of paper printed by globalists is immeasurable and how much they want, here on it and exchanged for the most valuable in the world ...
      1. Pandiurin Offline Pandiurin
        Pandiurin (Pandiurin) 23 November 2020 14: 51
        -1
        ... The same picture in oil began with Turkey ... The most important financial weapon for regulation today is the collapse of economies ...

        If there is a global financial backstage, then you shouldn't blame everything on them. As according to Freud, sometimes an umbrella is just an umbrella.
        Turkey has problems with external players. But Erdogan tried a lot himself. He has political, ethnic problems with the Kurds inside him. Now, objectively, there is a crisis with tourism. A stream of refugees flows through Turkey. Erdogan, instead of focusing on this, is waging a war on FOUR fronts:
        Karabakh
        Libya
        Syria
        Iraq
        He also bothers terrorists.

        Is Turkey a country with an iron navel?
        Huge economic problems for the Turks is logical and natural. It would be surprising if they were not.
    2. 123 Offline 123
      123 (123) 24 November 2020 00: 01
      +1
      Turkey has its own developed domestic production.

      Is there what it is, what will they eat next? The foreign trade deficit is about 40 billion. The Sultan is a beggar.
      All this jerking on the outer perimeter is not from a good life. Waving flag of Azerbaijan in Libya and of course you can, but it does not help the economy.
      The situation is getting worse every day. The clock is ticking.

      https://countrymeters.info/ru/Turkey/economy
      1. Bitter Offline Bitter
        Bitter (Gleb) 24 November 2020 10: 52
        +1
        Of course, it is possible to wave the flag in Libya and Azerbaijan, but it will not help the economy in any way.

        Interestingly, waving the Turkish flag in various countries, the economy will not help in any way, but the Russian one is just like wow. It is clear to everyone who controls the trade routes in Karabakh, he controls world trade. laughing , so the Turks are trying. The French also wanted to, but somehow they didn’t succeed, or they didn’t really want to.
        1. 123 Offline 123
          123 (123) 24 November 2020 19: 18
          +1
          Interestingly, waving the Turkish flag in various countries, the economy will not help in any way, but the Russian one is just like wow.

          Our situation is somewhat different, in any case, the foreign trade balance is positive. Countries in which Russian troops are present are not only a market for their products, but also, in the future, a place for investment. At the first stage, only expenses. Until the situation stabilizes, no special "profit" should be expected.
          If Turkey does not have the money for this, then everything looks somewhat different. There are expenses for help, but not much profit. If only a caravan with Turkish goods goes after the Turkish troops to Libya, Idlib, Azerbaijan. I doubt that they will trade for 40 billion there.

          It is clear to everyone who controls the trade routes in Karabakh, he controls world trade.

          You have a good sense of humor good Stepanakert is a port of 7 seas and 3 oceans, a large railway junction and a logistics center with one of the largest airports and many autobahns, pipelines and mountain trails for donkey caravans laughing

          The French also wanted to, but somehow they didn’t succeed, or they didn’t really want to.

          Both that and another, and apparently still not very capable.
  5. boriz Offline boriz
    boriz (boriz) 23 November 2020 23: 36
    +1
    Damn! How many times have I written about this!
    Always full of smart guys: Turkish Great Turan Foreva! the US economy is tens of times more stable than the Russian one ...
    It's boring.
  6. RFR Offline RFR
    RFR (RFR) 24 November 2020 00: 27
    +3
    Since the beginning of the year, their lira has fallen by a third, while in our country the ruble has not fallen by a third since the beginning of the year, so it is necessary first to resolve issues at home, and not among the Turks, Ukrainians, Belarusians, etc.
  7. ELENA LOGACHINI Offline ELENA LOGACHINI
    ELENA LOGACHINI (ELENA LOGACHINI) 24 November 2020 12: 55
    -1
    It would be better to discuss how and who the ruble collapsed !!!!
  8. Way caps Offline Way caps
    Way caps (Way Caps) 24 November 2020 15: 15
    0
    We go with the Turks, head to head, they have a third and we have a third, the dollar is getting more expensive