Biden's “genocide” declaration and unorthodox monetary policies by President Erdogan have sent the lira falling.
Turkish Lira
The high-yielding Turkish Lira has been experiencing heavy selling pressure across the board over growing concerns of Turkey-USA relations, coupled with the unorthodox monetary policies by President Erdogan, fear for pre-mature interest rate cuts, and the potential for a new financial crisis in the country.
Biden’s “Armenian genocide” recognition:
The currency has lost more than 4% over the last trading sessions after US President Joe Biden recognized the 1915 massacres of approx. 1.5 million Armenians in the Ottoman Empire as a genocide.
Turkey, which is the second-largest army in the NATO alliance and a chronically closed ally with the United States, has rejected Biden’s decision, denying the killings were systematically orchestrated and constitute a genocide.
The declaration came at bad timing, since the relation between the two allies has been damaged recently over geopolitical issues such as the purchase of the Russian S-400 air defence system by Turkey, political differences in the Syrian civil war, and recent US sanctions.
Market Reaction:
Concerning for another financial crisis in Turkey and the deteriorated inflation outlook, investors have moved away from lira-denominated assets towards harder currencies such as Euro and US dollar, pressuring the Turkish Lira towards record lows against major currencies.
Lira, which is one of the worst emerging-market performers in 2021, depreciates further above the psychological level of 10 against the Euro for the first time, without showing any signs of a slowdown.
USD/TRY pair, 4-hour chart
Hence, the currency loses further ground against the US dollar, trading near a record high of $8.60 reached on 06 November 2020, despite greenback weakness across the board over the dovish Federal Reserve.
Free-falling economy and skyrocketed inflation rate:
Investors have started losing confidence in Turkey as the economy is free-falling, debts have been elevating to record highs, while the inflation rate skyrocketed beyond 15% in Q1, 2021, and is expected to rise to 18% soon.
The rising commodities prices have given a boost in food inflation, causing many problems in the already-poor society ahead of the presidential elections in 2023. The crude oil prices have quadrupled in the last few months in the country, while the prices of industrial commodities such as copper, iron ore, and LNG climbed to multi-year highs.
President Erdogan’s unorthodox view of monetary economics harms Turkey’s assets:
President Tayyip Erdogan-who is a fan of low-interest rates and a critic of tight monetary policy, has described the interest rates as the “mother and father of all evil”.
Erdogan has an unorthodox view of monetary economics, thinking that the higher interest rates cannot solve economic problems, causing only inflation pressure on the economy.
He has publicly criticised the hawkish monetary policies taken by his former central governors who have lifted the key interest rates to 19% in a small period of just 2 years, a move necessary to contain Turkey’s chronically high inflation rate and to support the falling Lira.
Shocking the global markets, President Erdogan fired his hawkish Central bank governor Mr. Naci Agbal on Saturday, March 20, 2021, replacing him with a former ruling AK Party (AKP) lawmaker and critic of tight monetary policy Mr. Sahap Kavcioglu.
That was the third replacement of central bankers since 2019, who all resisted the president's growth-at-all-costs policy and low-interest rates.
The former governor-who was appointed less than five months ago-had made the mistake to aggressively raise the policy rate by 875 basis points to 19% two days before his replacement, the highest of any developed or EM economy.
Erdogan’s surprising decision increased the currency and country risk for Turkey, triggering a domino of heavy sales in any TRY-denominated asset or companies exposed to the Turkish economy from the institutional investors.
As a result, markets responded immediately to the unexpected removal, sending the Turkish Lira to as low as 19% against major currencies on Monday, March 22, 2021, posting its worst plunge since the preview’s monetary crisis in 2018.
Hence, the Istanbul stock exchange lost 10%, its steepest drop since 2013, while the 10-year Turkey’s bond yields added almost 500 basis points to 19%, the most on record.
Foreign investors have lost their trust in the Lira since Turkey's central bank is no longer functioning independently under Erdogan’s rule, and the rate hikes required to curb inflation are no longer possible with the new “dovish” Central banker.
President’s Erdogan political party AKP has started losing supporters, forcing the administration to give additional pandemic-relief fiscal packages to the economy.
The high-yielding Turkish Lira has been experiencing heavy selling pressure across the board over growing concerns of Turkey-USA relations, coupled with the unorthodox monetary policies by President Erdogan, fear for pre-mature interest rate cuts, and the potential for a new financial crisis in the country.
Biden’s “Armenian genocide” recognition:
The currency has lost more than 4% over the last trading sessions after US President Joe Biden recognized the 1915 massacres of approx. 1.5 million Armenians in the Ottoman Empire as a genocide.
Turkey, which is the second-largest army in the NATO alliance and a chronically closed ally with the United States, has rejected Biden’s decision, denying the killings were systematically orchestrated and constitute a genocide.
The declaration came at bad timing, since the relation between the two allies has been damaged recently over geopolitical issues such as the purchase of the Russian S-400 air defence system by Turkey, political differences in the Syrian civil war, and recent US sanctions.
Market Reaction:
Concerning for another financial crisis in Turkey and the deteriorated inflation outlook, investors have moved away from lira-denominated assets towards harder currencies such as Euro and US dollar, pressuring the Turkish Lira towards record lows against major currencies.
Lira, which is one of the worst emerging-market performers in 2021, depreciates further above the psychological level of 10 against the Euro for the first time, without showing any signs of a slowdown.
USD/TRY pair, 4-hour chart
Hence, the currency loses further ground against the US dollar, trading near a record high of $8.60 reached on 06 November 2020, despite greenback weakness across the board over the dovish Federal Reserve.
Free-falling economy and skyrocketed inflation rate:
Investors have started losing confidence in Turkey as the economy is free-falling, debts have been elevating to record highs, while the inflation rate skyrocketed beyond 15% in Q1, 2021, and is expected to rise to 18% soon.
The rising commodities prices have given a boost in food inflation, causing many problems in the already-poor society ahead of the presidential elections in 2023. The crude oil prices have quadrupled in the last few months in the country, while the prices of industrial commodities such as copper, iron ore, and LNG climbed to multi-year highs.
President Erdogan’s unorthodox view of monetary economics harms Turkey’s assets:
President Tayyip Erdogan-who is a fan of low-interest rates and a critic of tight monetary policy, has described the interest rates as the “mother and father of all evil”.
Erdogan has an unorthodox view of monetary economics, thinking that the higher interest rates cannot solve economic problems, causing only inflation pressure on the economy.
He has publicly criticised the hawkish monetary policies taken by his former central governors who have lifted the key interest rates to 19% in a small period of just 2 years, a move necessary to contain Turkey’s chronically high inflation rate and to support the falling Lira.
Shocking the global markets, President Erdogan fired his hawkish Central bank governor Mr. Naci Agbal on Saturday, March 20, 2021, replacing him with a former ruling AK Party (AKP) lawmaker and critic of tight monetary policy Mr. Sahap Kavcioglu.
That was the third replacement of central bankers since 2019, who all resisted the president's growth-at-all-costs policy and low-interest rates.
The former governor-who was appointed less than five months ago-had made the mistake to aggressively raise the policy rate by 875 basis points to 19% two days before his replacement, the highest of any developed or EM economy.
Erdogan’s surprising decision increased the currency and country risk for Turkey, triggering a domino of heavy sales in any TRY-denominated asset or companies exposed to the Turkish economy from the institutional investors.
As a result, markets responded immediately to the unexpected removal, sending the Turkish Lira to as low as 19% against major currencies on Monday, March 22, 2021, posting its worst plunge since the preview’s monetary crisis in 2018.
Hence, the Istanbul stock exchange lost 10%, its steepest drop since 2013, while the 10-year Turkey’s bond yields added almost 500 basis points to 19%, the most on record.
Foreign investors have lost their trust in the Lira since Turkey's central bank is no longer functioning independently under Erdogan’s rule, and the rate hikes required to curb inflation are no longer possible with the new “dovish” Central banker.
President’s Erdogan political party AKP has started losing supporters, forcing the administration to give additional pandemic-relief fiscal packages to the economy.
SMX's 1900% Surge Since November Is Not a Momentum Trade; It's Based on Transformative and Deliverable Techology
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Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
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We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
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A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
