Turkey's lira fell to its weakest level in five weeks on Wednesday after protests broke out across the country.» Read More
Mehmet Simsek, Turkey finance minister says restrictions on capital control are "out of question" and that the country will maintain its "very strong fiscal position."
Turkey finance minister Mehmet Simsek tells CNBC that restrictions on capital movement are out of the question and that the country needs more structural reforms.
Turkey is prepared for "moderate growth" explains Turkey's finance minister Mehmet Simsek, as the recent central bank's rate hike could slow the economy.
Neil Shearing, chief emerging markets economist at Capital Economics, says that the events of the past few months undermine Turkey's credibility and that there is a real risk of recession.
ISTANBUL, Jan 31- Turkey's lira on Friday eased to levels seen before a massive rate hike earlier this week as households and firms bought dollars amid a sell-off in emerging markets. Turkey's lira was trading at 2.2725 against the dollar by 1540 GMT, although still off a record low of 2.39 reached on Monday.
*Lira back to pre-rate hike levels. ISTANBUL, Jan 31- Turkish households and firms are hoarding dollars, suggesting they have little faith the lira will be spared a further emerging markets sell-off despite a massive rate hike this week.
NEW YORK, Jan 30- U.S. From Istanbul to Moscow and Brasilia, a fresh round of central bank actions and verbal intervention offered support to emerging market currencies, which calmed some fears after jitters on Wednesday spurred a rally in Treasuries.
Emerging market fears are calming after the Turkish central bank hiked interest rates. CNBC's Michelle Caruso-Cabrera reports the lira has stabilized, but the Hungarian currency is weakening.
RIO DE JANEIRO/ LONDON, Jan 30- Emerging markets recovered on Thursday from a sharp selloff as Latin American stocks and currencies gained and Russia's ruble and Turkey's lira rebounded after policymakers pledged to take any necessary measures to stabilize their markets, though investors worried the respite would be short-lived.
*Baghdad hires law firm after Kurds open new pipeline to Turkey. LONDON, Jan 30- The Iraqi government has hired a law firm to target any buyer of what it considers illegally exported Kurdish crude oil, a Baghdad official said, toughening its tactics in a struggle to halt the northern region's drive for economic independence.
RIO DE JANEIRO/ LONDON, Jan 30- A sharp emerging market sell-off appeared to subside on Thursday as Latin American currencies opened higher while Russia's rouble and Turkey's lira rebounded after policymakers pledged to take any necessary measures to stabilize their markets.
CNBC's Michelle Caruso-Cabrera reports the details of a statement made by Turkey's central bank.
ANKARA, Jan 30- Turkey will stand by a consensus reached in December between Ankara, Baghdad and Arbil to seek Baghdad's permission, but not its blessing, in exporting Iraqi Kurdistan's oil, Turkish Energy Minister Taner Yildiz told Reuters on Thursday.
ANKARA, Jan 30- Turkey ruled out capital controls on Thursday as it battles to defend the lira and tame inflation, leaving investors guessing as to what an "out of the ordinary" economic package touted by Prime Minister Tayyip Erdogan might involve.
Editor: Malcolm Davidson +44 20 7542 6958 Global Picture Desk:+ 65 6870 3775 Global Graphics Desk:+ 65 6870 3595. -EMERGING-GROWTH/, expect by 1500 GMT/ 10 AM ET, by Sujata Rao, 800 words. -RUSSIA- ECONOMY/, moved, by Lidia Kelly, 800 words.
CNBC's Michelle Caruso-Cabrera has her eye on Turkey and Hungary's currencies.
Gemma Godfrey of Brooks Macdonald guides investors to focus on management and financial strength in the emerging markets. China and Brazil are in a much stronger fiscal situation, she says.
The Turkish lira continues to weaken after its central bank made massive rate hikes, reports CNBC's Michelle Caruso-Cabrera.
SINGAPORE, Jan 30- Gold held on to the sharp overnight gains on Thursday, as another cut to the U.S. *Spot gold had dipped slightly to $1,266.01 an ounce by 0011 GMT, after gaining nearly 1 percent on Wednesday.
Stephen Davies, CEO of Javelin Wealth Management, explains that the issues in Turkey, South Africa and Argentina are specific to their respective economies.