"(Things) seem to be getting worse by the day. You cannot just offer anyone a payout to protect against currency weakness," said Daniel Moreno, head of emerging markets debt at Mirabaud, which sold its last remaining Turkey bonds during last year's turmoil. Ankara might therefore decide to let firms deposit more into KKM accounts and possibly offer new tax breaks - though that could create more problems, others believe. JPMorgan's Zafar Nazim said it is "essential" to sustain depositors' interest in this scheme, amid deeply negative real rates. Calculations of four Turkish economists who ran the sums for Reuters show about $10 billion worth of deposits are up for redemption in July and another $20 billion in August. The government and central bank don't publish detailed data about the programme. Investors are increasingly focused on whether individuals and companies will stick with the FX-protected KKM accounts. Citi sees energy and food imports pushing the current account gap to 5% of national output, though rebounding tourism should net some $15-$20 billion. Top Western investment banks fear further falls in Turkey's currency reserves.
There are also renewed concerns about Turkey's testy relationship with the West after Erdogan said he would veto bids by Finland and Sweden to join NATO, accusing them of harbouring people linked to outlawed Kurdish separatists. However on Thursday the central bank left interest rates untouched at 14%. Still, the sky-high energy and food prices, along with the lira's drop and 50% domestic lending growth, are driving inflation towards triple digits. The central bank says inflation will cool by year-end. "They are at risk of losing control of the situation".Įrdogan's government says fallout from the war in Ukraine has delayed efforts to balance the current account with a combination of credit, exports and targeted investments.
"Turkey is not a dead certainty for a big crisis but the odds of one are a long, long way from zero," said abrdn fund manager Kieran Curtis. Meanwhile, the central bank's net reserves have tumbled to a negative $55 billion once FX 'swap' deals with Turkey's domestic banks are accounted for. dollars, euros or gold.īut the appeal of these accounts, known as KKM, could be waning as critical summer 'rollover' dates approach.
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They fall on a Thursday and Saturday which will cause a four-day disruption should they go ahead.Register now for FREE unlimited access to RegisterĪuthorities managed to avert a full-blown implosion in December by selling currency reserves and creating special bank accounts protecting savers and corporates from large lira falls in an effort to discourage hoarding of U.S. The RMT has already confirmed two further rail strike dates for August 18 and 20 which will affect Network Rail and 14 other rail operators.
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Rail union Aslef has also announced that train drivers at nine rail companies will strike on Saturday August 13 in a dispute over pay. What are the rail strike dates for August 2022? It would have provided another 2% rise next year and the same again if "modernisation milestones" were hit.įurther train and tube strikes have already been scheduled for the rest of the summer. Rail, Maritime and Transport union (RMT) members at train firms and Network Rail will walk out for 24 hours on Saturday, after the union’s bosses rejected a new 4% pay rise backdated to January. What are the rail strike dates for July 2022?Ī fresh rail strike will go ahead on July 30 in the dispute about pay, jobs and conditions. The tube and train strike in June saw 80% of services disrupted. Here are the scheduled tube and train strike dates for 2022: RMT chief Mick Lynch told LBC he was "unhappy" the action was necessary but said workers had been forced into it. Read more: Everything you need to know about this week's train strike Read more: Can I get a ticket refund for the train and tube strikes? In the latest strike news, further strike dates for July and August have already been planned and confirmed. Commuters across the country are being caught up in continued tube and rail strikes as fall out over pay, pensions and working conditions continue.Īs the biggest railway strike in 30 years, Network Rail and the London Underground walked out of work after ongoing disputes over pay, working conditions and threatened redundancies in June.Īnd in order for RMT to really make their point, they have threatened multiple railways strikes throughout the year which could see travel disruption last until December 2022.
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