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Turkey

Turkish banks: this time it’s different?

Guest contributor – Elsa Dargent (M&G Financials Credit Research team)

Turkish banks have been subject to closer scrutiny over the past weeks as political events have triggered a confidence crisis with a run on the Lira (down by 38% year-to-date vs the dollar and by 26% since end-June, the banks’ last reporting date), a sizeable widening in Turkish govt yields, and an even sharper widening in b…

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Risk-off is on

Renewed political tensions between the US and Turkey and Russia increased uncertainty and led to a currency sell-off in both countries. Traditional safe-haven assets, such as US Treasuries and the yen, rose. Are these crises telling us anything about the state of the global economy?

What is happening and why?

The Turkish lira and the Russian ruble plunged recently, following an escalation of di…

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