the saudi government deposited 5 billion with the turkish central bank recently, as well. unclear whether that will be enough to stave off crisis completely without the central bank taking corrective measures. in the piece before, you mentioned inflation being at 44%. a clear way to deal with that, an orthodox path, would be to raise interest rates in an effort. that is what we have seen institutions like the bank of england or the us federal reserve doing over the past year. but the turkish central bank has actually been cutting interest rates since late 2021 and one of the reasons it is doing that is because it is in line with president erdogan�*s belief that lower interest rates lower inflation. there is uncertainty whether the turkish central bank will be willing to raise interest rates and actually on the campaign trail erdogan has repeatedly said he wants lower interest rates going forward. complicating all of this is the fact that the country hosts the most refugees in the world. i believe there is more than 3.5 million syrians currently with temporary protection st

thursday, the turkish central bank will deliver its latest policy decision just three days before the country's presidential election runoff vote. on friday, more u.s. data. we will get the fed's favorite measure of inflation, pce, and durable goods. later, we will speak to the ryanair cfo, at 6:40 u.k. time off the back of a strong summer expectation. this is bloomberg. ♪ dani: let's get a look on china currency because the yuan rebounded friday after the pboc vowed to curb speculation, but concerns about the economy from the weak data coming in means there is still weakness in the renminbi. it is still sitting at seven above the dollar. let's get to our guest. how significant is it that we are over seven? >> it is psychologically significant, a landmark. i think the significant thing is that the chinese authorities allow that to happen. if it did not want to go through seven, it wouldn't have done. when they allow the currency to weaken, it sends a signal. it is important because the yuan correlates with so many other currencies so closely. we look at it as a chinese story but it te

folly: there are concerns that the turkish central bank cannot continue to prop up the turkish lira. president erdogan says he is the one who can deal with this crisis. do you believe that? >> the majority of the turkish society underlined their support for erdogan, that he is the one who will solve every kind of problem. we also have to understand that most of the society understands the economy is bad, but at the same time he is the cure. the opposition could not change this idea around him. there is a huge trust around him as the strong demand. -- man. in some places the people are not suffering as much as people live in in big cities regarding high inflation and high brunt. his main support is coming from there. not the big cities. there will be problems, there will be hard times ahead of us. everybody accepts that. the only difference is the majority who were supported erdogan, most of them think this is a kind of western game being played against turkiye. that high inflation is part of the anti-turkey rhetoric. president trump for example said he has the ability to play the tur

the turkish central bank and the economic authorities have kept the lira relatively stable for the pastear and a half, if you look at the difference in inflation between turkey's trading partners , and in anticipation of the market, the lira should have lost much more and therefore now turkish exporters are seriously suffering as well as the turkish tourism sector and i expect , that lira will lose 25-30% b in value, and possibly more soon after the election. in general, from the outside, one gets the impression that both erdogan and klych-daru corner absolutely forget about economic problems. they have a completely different rhetoric, in the second round they criticize their opponent. moreover, there are many themes from ties with terrorists to issues related to refugees. at the same time, ankara is doing everything so that these people can return home. kemal, we have built briquette houses in northern syria and have already begun to resettle 600,000 syrians. and now we are building more housing with a boat for millions of refugees. you only listen to his words, he says, as soon as we

meanwhile, the turkish central bank continues to reduce the key rate, pursuing an overly loose monetarycount rate of the central bank of turkey has been consistently decreasing since 21, despite the devaluation of the lira and double-digit inflation in the country. however , erdogan is sure that for the sake of cheap loans, the rate can be reduced and this will provoke further supply of goods and services, and then reduce the inflation rate to five percent. this is the long-term goal of the turkish regulator. economic imbalance is not everything, turkey is still recovering from the monstrous earthquake in february this year. we are far from precise. according to our figures , about 45,000 people died as a result. this is a tragedy of the peoples , which will remain a deep wound for many generations. the damage is estimated at 104 billion dollars, many countries at that time supported turkey with finances and in order to stabilize the situation in the economy after the earthquake were. slowly taken, appropriate measures were launched numerous programs related to economy big recovery plan

central bank has since downgraded that impact to 0.1. it drove up food costs but did not affect other goods. the turkishk has kept its benchmark rate on hold. this in a bid to stabilize the currency. this is the habit of a runoff election on sunday. president erdogan has a chance to extend his rule. he has championed keeping borrowing costs low. ups's takeover credit suisse may take longer to finalize. the deal's completion could be put back to june instead of late may. the swiss government back in march brokered the 3 billion-dollar takeover deal to prevent the total collapse of credit suisse. robert friedland told bloomberg that the tumble in copper prices is a temporary setback. this comes after china's economic activity disappointed expectations. he says he is very, very bullish on demand. >> it is important to understand that mines take 15 years to build. it is not supplied you can turn on. we are seeing a relatively low price of copper because we are breaking down the integrated world economy and we see a situation where we really have a crisis of supply, not of demand. we are suppressing demand b

, therefore, despite the fact that inflation in the country is going through the roof, the turkish central bank to reduce the key rate, pursuing an extra soft monetary policy president erdogan will keep his e, both foreign policy and economic development of the country. this will be the current course. just further rapprochement with russia and further development of the military-industrial complex of the tourism sector. and export development. yes, everything that they are in principle. and in recent years the candidate for this position has been made by many associated a return to conventional economic policy. true, according to experts, there are many blind spots in his program, and it is largely declarative. if we take , uh, the second candidate of the gentleman, then we, for now , see some declarations that he wants integration with europe and that he promises some development of economic indicators, but on in fact, let's separate. uh, campaign promise and real programs. here are the real programs. they can only be formed after, uh, one candidate wins, regardless of the outcome of the elec

quickly turkey turkish central bank destabilizing the currency. they are coming to a record low.an has a chance to see dick kaegel. bloomberg has learned that the takeover for credit suisse maybe taking longer than they thought to finalize. all this is the haggle over the terms of the state guarantee. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> we will discuss the key challenges from's tourism industry. we will take a look at these in your forecast next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh >> juliette: wages might lead to policy change. we are tracking wage growth itself. if we have sustainable ablation of 2%, it is natural that we also rise. the key point for a policy decision is whether inflation will rise in a sustainable manner into percent. as you heard in his first interview since taking over as governor of the

thursday, the turkish central bank delivers its latest policy rate decision, after erdogan's solid firstn terms of elections. the presidential election will go to runoff vote. on friday, there is more data from the u.s. with an update on pce and durable goods. it's -- let's check in on how greek assets are performing -- we go from turkish to greek politics, mitsotakis the prime minister of new democracy, performing better than expected. his opponents syriza performing less well than some expected. it looks like it may go to a second vote. mitsotakis campaign on the back of pro-market reforms, the greek economy one of the best performing european economies and closing in on investment grade status. we will see how things transpire as they had for what looks like another vote. markets welcomed that, in terms of money moving into greek debt. the oecd says we're owing to use over 400 million tons of prostate -- tons of plastic every year and only 10% is recycled. polymateria, a spinoff from imperial college london, has raised 20 million pounds in series b funding to scale its tech for making

the us federal reserve and the bank of england raised interest rates for example, but the turkish central bankear and in thatis rates over the past year and in that is influenced by president erdogan who holds the unorthodox economic view that lower interest rates actually leads to lower inflation eventually. so the key difference between president erdogan and the main opposition candidate kemal kilicdaroglu is that kilicdaroglu has pledged to restore central—bank independence and if that happens we are likely to see and return to more orthodox economic policy—making which is why the markets rallied yesterday because there was more chance of kilicdaroglu winning and more chance of orthodox economic policy—making returning for turkey. orthodox economic policy-making returning for turkey.— returning for turkey. thank you so much for— returning for turkey. thank you so much for your _ returning for turkey. thank you so much for your time - returning for turkey. thank you so much for your time and - returning for turkey. thank you | so much for your time and there is plenty more coverage available

to turkey where the turkish central bank has kept its benchmark rate, at hold in a bid to stabilize the currency. it's trading your record low ahead of a runoff election on sunday. the president has a chance to extend his two decade rule, leading the first round of voting this month. his champion is keeping borrowing costs low even in the face of inflation. jp morgan has notified a thousand first republic bank employees that they are not being given jobs following its takeover of the failed lender. a source told bloomberg that the bank offered full-time or transitional roles to almost 85% of the 7000 employees still working at first republic, when it collapsed. those not offer jobs will receive pay and benefits, coming in 60 days. global news 24 hours a day on air and on bloomberg quicktake, powered by 2700 journalists and analysts in more than 120 countries around the world. i'm su keenan. this is bloomberg. haidi: steelhead, china's economic rebound, as we were discussing, his question commodity prices. coronado global resources ceo, douglas thompson joins us, for a look at coal deman

the turkish central bank still cut interest rates under the orders.ira has cratered by 75% against the dollar since the last election. many foreign investors have left. six opposition parties are banding behind kemal kilicdaroglu, the left center rear -- career civil servant who promises to bring a fresh start the economy. most of his career, kilicdaroglu's party has failed to win at the polls, but in 2019, his party unseated the incumbent mayors in large cities including the capital ankara and istanbul. today, they are national figures campaigning on kilicdaroglu's behalf, as erdogan will look to the heartland once again where he is viewed as the strong leader that the country needs to guide them out of hard times. competing platforms could not be more different. on may 14th, voters will decide. tom: bloomberg's yousef gamal el-din reporting on what is at stake in turkiye's presidential vote. significant for that nation and the geopolitics of that nation. president biden and congressional republicans saying they will hold further talks on raising the

from that perspective, i am quick concerned with the developments in the turkish economy. the central bankeliminated from the policy as a policymaker. the link between the policy rate and the market interest rates is detached. after the result from last night's election, we still don't know. but the chance that erdogan will win is much harder. where does it take us from this point on? erdogan clearly states that he is going to continue with these policies. i think this is a confirmation for belief in policies. if low interest rates continue, from my perspective, this is the insistence on trying to sustain the unsustainable. >> you have taken a very close look at the central banks's balance sheets. you understand some of the key variables that drive a healthy and functional balance sheet. how much time with the current policy still have? is this a matter of weeks or months? how soon could the hand before to change? >> if you look at the central banks balance sheet which is the key ingredient for the continuation of the current policies because if you have a policy rate of 8.5% and 45% infla

central bank has been selling the liabilities. if you subtract the gulf states agreement. it is negative $60 billion that is a very significant threat for the turkishconomy that means the central bank has not only been selling the money it borrows, but selling the money the banks are keeping. at the time of stress, it could trigger a bank run i don't want to be pessimistic, but that is what central bank reserves are for >> we have seen bank stocks decline significantly as a precursor to that as well. what is the view on where the economy moves from here? we are still looking at double digit inflation and employment and lira at record low do you see midterm improvement >> i expect a slowdown in the economy. there is a reason the economists say the state policies are not sustainable. we have seen growth for a while, but each time the increase in inflation leads to a decline in purchasing power and we see the decline in local demand. when you see another round for the economy which pushes interest rates down and demand goes up, but i think we are reaching the end of the road and we see a slowdown in the turkish economy. government deficit is already a

and about the game of traders to lower the turkish currency against this background, the central bank had to spend almost 8 billion dollars from gold to foreign exchange reserves in order to support the national currency , western banks predicted that after the elections, valera would lose up to 20-30% of the value of turkish analysts, by the way, also do not rule out such a scenario. here's how they explain it. according to my forecasts, the turkish lira against the dollar will lose about 20-25% of its value in the near future, closer now dear, and this creates problems for investors, including turkish ones and for our exporters, and goods produced in turkey become more expensive, but we don’t have so many value-added goods, therefore, in some walrus profitability suffers too low. according to analysts , cheap lira in the medium term can support the country's economy, while trading on the istanbul stock exchange continues in full swing. we will continue to monitor quotes and will tell you more about everything in our materials. thanks colleagues. my colleagues leyla azarova and the f

also say that erdogan's policies, which he destroyed, do not depend on the central bank , led to huge problems in the turkish economy and continue to lead. and between the first and second round, the fall accelerated of the turkish lira and, in principle, now there are almost no pink net reserves of the central bank of turkey left , and thus sooner or later, well, firstly, judging by this , the lira was held as much as possible until the elections, now , most likely, the devaluation will accelerate, and secondly by the way, theoretically it can become such a new argentina or a new country of southeast asia. it happened in 1998 because of a very tricky situation and because , again, because of terragan's stupidity in the economic sense, because for some reason he thinks that he not only understands geopolitics there better than anyone but also the executive economy of turkey is breathing on lada, although from the outside it looks like a very powerful story about the financial crisis. well, it's just a half-mile from turkey, and if we were to talk about the victory of the opposition candidate, he would correc

central banks are walking away. then we will keep an i on the turkish elections. but the bank of england fascinating on thursday. alix: real yields are up 12 basis points. marilyn watson, had of the fixed income strategy team at blackrock. what will that do with the market? will they be forced to keep going even if the economy is slowing? marilyn: the bank of england has a tricky task where inflation is remaining higher than other developed markets. it certainly behind the fed and other central banks in terms of its cycle. given the persistence of inflation, is something the bank of england is watching. if you look at the tightness of the labor market we think the bank of england will hike again next week. when you mentioned the gilt markets, the market has already repriced and pushed out when they think the bank of england will be able to pause. they are pricing in 3.745 is a level. we are pricing in a few more hikes. but they have a tricky job to do. by its own nature, the u.k. economy has not god energy prices ahead of it. i think they are going to focus on how

inflation and, and that really narrow down the purchasing power of the turkish nation within the last 2 years. and the central bank policies. and these are the main questions being asked right now. yesterday, when he was speaking after the election results came out at present started on sub that's it, not only his supporters, one but everybody will know he will be the presence of everyone will its feel like that this is the most important thing because to kiera is now highly polarized, especially during those election campaigns and turkey has reading and it likes that was fear for the last 2 years. mother, which is very important. and they were alliances full hours on the alliance and type add on alliance. so despite prisons are daunted, received notice a 53 percent of the votes. still nearly half of the turkish nation was against his presidency. so now everybody's worries. will he continue his honor with the policies that brought to kias economy to this level? will you continue? he's correct down on me because in to get there is no mainstream media left. it's either pro government or anti government's media, so w

central bank of turkey because we are getting into this runoff on sunday. it's a sensitive time, they don't want to be seen as taking sides, and the turkish lira is already atlow, the central bank has been intervening. what happens after sunday, regardless of who comes out winning? in round one, erdogan got 41.5% of the. the person who came in third, he has endorsed formally the incumbent president erdogan. those are the stakes. but then, you have the sustainability question. bloomberg economics has made it clear that even though the incoming president has made a name for himself around unorthodox monetary policy, you can no longer just drag this out, you can no longer, with 44% inflation, continued to keep rates low. there is going to be a reckoning that is going to come to the fore in the coming weeks and months. dani: we also saw some data on turkey net reserves falling below zero. talk me through that data and what exactly that means for it to fall below zero. yousef: that is something we do not see very often. in fact, in turkey, we have not seen this since 2002. so it's been 21 years. i had to go to the imf definition of what constitutes a negative ne

this was done by western players with the turkish lira, and only the currency interventions of the central banky at a very serious cost saved from the collapse to which everything was going. this is the fight for your currency. it was given to the central bank only before . a week before the first round, the central bank of turkey spent 7.5 billion dollars on this alexei thank you. thank you live from turkey where today is the second round of presidential elections was aleksey konopko? vladimir putin sent congratulations from the president of azerbaijan, elhamali him, on the occasion of the national holiday of the independence day of the republic of russia the leader noted the country's success in the economy and social sphere the message emphasized that relations between moscow and baku had reached a high level of bilateral cooperation, dynamically developing vladimir putin also expressed confidence that partnerships will be able to increase. art and culture, which are called to unite people found themselves in the epicenter of geopolitical confrontation, said vladimir putin, the president, vi

destroyed the independence of the central bank, led to huge problems for the economy of turkey and continues to lead. and so between the first and second round, the fall of the turkishccelerated and, in principle, now there are almost no pinks and net reserves of the central bank of turkey left, and thus, sooner or later, well firstly, judging by this, the lira was held as best as they could until the elections, now, most likely , the devaluation will accelerate, and secondly , of course, in theory, it can become such a new argentina or a new country of southeast asia as it happened in 1998 because the situation is very shaky and because, again, due to the stupidity of verdagan in the economic sense, because he for some reason thinks that he not only understands geopolitics better than everyone else. about the financial crisis, well, it's just a stone's throw from turkey, and if we were to talk about the victory of the opposition candidate, he would have corrected this situation one way or another, attracted significant investments, and this could neutralize the effect at least minimize the risks and now the risks are increasing primarily for the turkish consumer at

stable recently is coming back to intervention in the fx markets not only from the central bank but state owned, local turkishnstitutions. as we get into this period of more economic unorthodox he and uncertainty around the direction of monetary policy, you will see the era sell off significantly and sovereign debt rise. alix: is there a readthrough to other markets that have may more exposure to turkey? guy was mention european banks. brendan: absolutely. i would say european banks probably have got the most exposure to turkey. outside of the european banks from a contingent or spillover perspective to other emerging markets, there may not be too many -- too much of an impact. i think a lot of investors pulled capital from turkey the last couple of years. maybe the stress should stop there. guy: how bad does it get? what kind of numbers are you thinking about? inflation in turkey is now fairly significant proportions. the currency has taken a very big hit. the unorthodox monetary policy has had a significant impact on the bond markets. how much more can we really see? i know it has been doing unorthodox poli

losing weight, but only two tenths of a percent, and the turkish stock exchange after the announcement of the results and increased attack. the central bank of the country successfully repulsed it, although it had to spend $ 7.5 billion on it. turkey has reached such a point that henceforth, whoever pursues a policy oriented towards america will be declared a traitor to the motherland , it remains to be determined where the boundaries of this orientation have so far been managed by erdogan to maneuver between east and west now it will be more difficult to do this. it is difficult to say whether people in turkey know the saying about the caravan goes on, no matter what, but judging by the local press, this is exactly what is happening today. on the front pages of almost all newspapers there is only one person who on the eve called for starting the second century of the history of the turkish republic with this very victory the headline of an article in a newspaper looks like a sensational claim. stern who allegedly unraveled the mystery of karl erivan haub. let me remind you, a large german entrepreneur is the owner of a world- famous netw

it is only two-tenths of a percent, and the turkish stock exchange, after the announcement of the results, has completely increased the attack. the central banke country successfully repulsed it, although it had to spend $ 7.5 billion on it. turkey has reached such a point that henceforth, anyone who pursues a policy focused on america will be declared a traitor to the motherland it remains to determine where the boundaries of this orientation have so far been managed by erdogan to maneuver between east and west ; now it will be more difficult to do so. it is difficult to say whether people in turkey know the saying about the caravan that goes on, no matter what, but judging by the local press , this is exactly what is happening today on the front pages of almost all newspapers , only one person who on the eve called for starting the second century of the history of the turkish republic with this very pobeda alekseevna caps maxilov and lyudmila miroshina vesti, turkey now, with reference to the kremlin press service, vladimir putin had telephone conversations with jeep teip, whose erdogan warmly congratulated him on his re-election to the pos

million inquiries were made by the central bank in this regard with the aim of clarifying and validating sina tanesh. in favor of erdoğan, this candidate for the turkishpresidential election had 5% of the votes in the first round of the election. turkish people came to determine the fate of the country in the second round of the presidential election based on ballot boxes in part of the turkish electoral law . failure to participate in the election is subject to a fine. two competitors the seriousness of turkey's presidential election failed to win the majority vote in the first round, but now at any price, it is necessary to win the second round of the election. on june 7 , in the second round of the election, one of these two political leaders, recep tayyip erdogan, the candidate of the presidential coalition, and kemal kilicdaroglu, the candidate of the national coalition, they will be elected as the 13th president of turkey. immediately after the announcement of the results of the first round, this candidate started party and coalition activities to get the maximum number of votes in the second round and is still trying to question each other's po

turkish supply of the main opium will create commercial deals. there are similar cases in west asia. there is a bank to replace the dollar central iraq has announced that for the first time trade with china will be settled in yuan. the united arab emirates ambassador in india has also announced that the two countries are trying to finalize a deal for trade with other currencies, but in the east asian area of ​​the organization of cooperation the southeast asian economic association asman has announced efforts to use national and regional currencies for trade between the members of this economic organization. the central bank has published its poems, especially china, who are more interested in doing business with rupees than ever before. india does its international business. by using has started rupees, now this work will help in many ways, firstly , to expand the range of its export goods to different countries , on the other hand, all countries that suffer partially or completely from sanctions can trade with watermelons. at present, the main import is crude oil, when the indian currency is used in international and bilateral

turkish president is confident that with high inflation. we must fight by lowering the key rates. and so the central bankturkey obediently lowered the key rate for a year and a half. because of this , the lira continues to depreciate in value. but inflation in the country is 44%, oh yes, saudi arabia is unhappy with the fact that russia has not reduced its oil production. as promised, the lost journal newspaper writes about this , citing sources. they say that saudi officials have already asked the russians to respect the agreements. this means that the opec plus meeting on june 4 becomes more and more interesting in february. russia announced that since march, voluntarily will cut production by 500,000 barrels per day in late april , deputy prime minister alexander novak announced that russia had fulfilled the promise, but the international energy agency in an april report said that russia did not cut production in full. later , alexander novak once again announced that russia had reduced production of the planned 500,000 barrels, but since may. avtovaz went on a corporate vacation earlier than planned

turkish peoples is very low. so he has to deal with this. he has to deal with these central bank policies and independent institutions are asking for the independence of the institutions like the central bank or the capital markets. so we a many are expecting to see how our don will take the steps, of course. uh he's yes. and is it to get uh, we'll watch and see how they will succeed in these terms of pricing. i'm gonna have to interrupt to that because we've got some live pictures coming in. let's listen into what's happening. roger, type i'll go on is appearing in public. i think he's about speak, he's thinking the all right, so as you can see from the pictures, he's thinking a song that is fairly, a very jubilant at the moment for active type i would go on for his support. support is maybe on policies and looking forward. now he's got to demonstrate that this is an inclusive time he'd love and all of those who voted for him as well as those who did. i think he's now told king less listening to what he's saying is to the pacifically is beautiful. is to dar is beautiful, most go

to change the head of the central bank, by the way, erdogan himself fired three heads of the regulator over the past presidential term. in economic policy, the current turkisheader is again ready to change his mind; he invited the former head of the ministry of finance mehmet shamshek to his economic bloc, with whom he had previously disagreed. may be a sign. something after the elections, if erdogan is in power, in addition, this is a signal that there are doubts on the part of the current administration. what economic course should the presidential election forecasts follow as much as the analytical agencies ? candidates this sunday, more than half of the votes will not pick up by the way, this is the research company that gave the most accurate forecast in the time of the 2018 elections, however, in the current conditions in the republic, making predictions is almost the same as guessing in the thick of turkish coffee or khramtsov leila alnazarova alexander merkuriev for this. nikita korneveste ankara turkey today i did not become eduard sagalaeva, our colleague, the well-known television journalists of the president, the national association of broadcas

to change the head of the central bank to the word erdogan himself fired over the past presidential term three heads of the regulator. in economic policy , the current turkishdy to change his mind; diametrically opposed to current turkish politics, the fact that erdogan has once again returned to negotiations with him could potentially be a sign of a post-election reversal if erdogan is in power. it is also a signal that there are doubts on the part of the current administration. what economic course should the presidential election forecasts follow ? in the first round , having collected almost 51% of the votes from arsi, he believes that on may 28, voters will again have to come to the polling stations, because none of the candidates. you are , sunday, more than half of the votes will not pick up, by the way, it was this research company that gave the most accurate forecast during the elections in 2018, however, in the current conditions in the republic, make forecasts. almost the same as guessing in the thick of turkish coffee or for this khramtsov leila alnazarova alexander merkuriev? nikita korneev lead ankara turkey further after a short advertisement

turkish currency, taking it on the domestic market and buying dollars and euros. this puts unprecedented pressure on the lira, which was actively supported by the central bank of thecause of this, only in the week from may 5 to 12, the volume of turkey’s gold and foreign exchange reserves decreased by almost $ 8 billion, i note that the head of the center of the turkish electoral commission has already voted in the same area , where klych, the gift of the corner , said that the result would be announced earlier than in the first round, and also said that the voting passes quietly without incident about it. the head of the turkish interior ministry suleiman also spoke , who also already used his right vote, and the former presidential candidate, hay leg, also visited the polling station. well , in the first round, let me remind you, he scored 5%, and the votes for these votes just broke out the struggle between erdogan and klych for nothing, let me remind you. ganges supported the incumbent. it's easy to guess who he voted for today. the choice is a boon for our country and the peoples hoped these elections would bring stability. they are important because they sho

$60 billion on a bilateral basis annually, and with the central bank here in full defense mode trying to avert a further weakening of the turkish lira as cost of living prices here, a real credibility gap for turkish assets on international markets, turkey, president erdogan, needs russia and he needs that relationship, which is why he called it special. washington knows that, frustrating as that might be. look, you and i know that turkey has -- there's been no love lost between successive u.s. administrations and president erdogan over the more than 20 years that he has been leader of this country, and there is no exception when it comes to his relationship with joe biden and this current white house. it's really important to remember that back in the summer of 2020 then presidential candidate joe biden really criticized president erdogan's kurdish policy. he called president erdogan an autocrat and he said that he supported the turkish opposition in their efforts to defeat the incumbent president here, president erdogan. and on the campaign trail to what is a highly -- an increasingly nationalistic audience on both sides of t

promise to change the head of the central bank if successful, by the way, erdogan himself fired three leaders of the regulator in the economic policy of the current turkishange his mind; could potentially be a sign of a post -election reversal if erdogan is in power. it is also a signal that there are doubts on the part of the current administration. to what economic course to follow for the presidential election forecasts as much as analytical agencies, the serbian rental is sure that erdogan wins in the first round with almost 51% of the votes arsi believes that on may 28, voters will again have to come to the polling station, because none of the candidates. you, sunday, more than half of the votes will not pick up by the way, it is this research company that gave the most accurate forecast during the 2018 elections, however, in the current conditions in the republic, it is almost impossible to make forecasts. also what to guess in the thick of turkish coffee or for this khramtsov. leyla allanazarova alexander merkuriev. nikita korneveste ankara turkey writer jean carol, who sued trump for $5 million for harassment , threatens to sue the former us pres

here, as regards the turkish currency, it continues to resist the pressure and the informational background of the bearish game of traders and, of course, the support of the central bankey all this time has been colossal. let me remind you. western banks predicted that lira would lose up to 20% of its value after the elections. we are not seeing this yet. of course, we will continue to monitor the dynamics of the exchange rate. and here, and the reaction of the turkish people to the victory of recep tayyip, erdogan will be told by my colleague elizaveta khramtsova. liza we welcome you here yesterday because of the festivities in ankara because of the blocked roads from the headquarters president to his hotel. we were able to get there. only at three in the morning. i believe that such a situation was not only in the capital, you have a word in a nearby traffic jam and really walked, not only ankara, but including istanbul from the world, antalya, that is, cities in which kemalakovich darov had very high performance in the elections, but erdogan supporters. soda very actively show joy from the victory, it happened the day before, and they walked not only in turkish cit

turkish lira continues to hold on to record levels per american. now they give more than 20 lira to protect the national currency. the country's central bankdy spent $8 billion and the gold and foreign exchange reserves of the republic, but the western media, which are clearly unhappy with the outcome of the elections in turkey, continue to create a negative background around the lier during the election race, the turkish currency was under real attack, both from traders who played on the downside, and from the international banks forecast morgan stanley lear may reach 26 per dollar faster than previously expected to fall to 28 by the end of the year turkish analysts with such forecasts. do not agree. they made such predictions before the elections , expecting the victory of the opposition, but now there is a realized scenario. recep tayyip erdogan won, moreover, his supporters received the majority of seats in parliament. it is important. you also need to support your decisions with the law. i i do not agree with the forecasts of international banks. it is possible that the turkish wa luta will fall to the mark of 23 lira per dollar, but

it is only two-tenths of a percent, and the turkish stock exchange, after the announcement of the results, has completely increased the attack. the central banksuccessfully repulsed it, although it had to spend $ 7.5 billion on it. turkey has reached such a point that henceforth, anyone who pursues a policy focused on america will be declared a traitor to the motherland it remains to determine where the boundaries of this orientation have so far been managed by erdogan to maneuver between east and west ; now it will be more difficult to do so. it is difficult to say whether people in turkey know the saying about the caravan that goes on, no matter what, but judging by the local press , this is exactly what is happening today on the front pages of almost all newspapers , only one person, who on the eve called for starting the second century of the history of the turkish republic with this very victories alexei maxim caps maxim chepilov and lyudmila miroshina lead, turkey victory, erdogan was not celebrated only at home, tens of thousands of supporters of the turkish leader took to the streets of european cities, almost fifty cars with turkish

average turkish inflation rate was 64 and a half percent, the average in the winter of last year, for example, went up by 86 percent, but the overall average of 64 and a half percent of central bankation turkey has significant statistics and from november, the inflation rate gradually decreased until april , a few weeks before the important elections , at about 51% of the official inflation rate of the central bank of turkey. as an important paper that can warm the seat of the election, the economic issue was not for this worker, the reason was that the faction against the evil world and information and he did not present a written economic program, which, as promised, was the way out of turkey's economic crisis in this situation and the control of inflation, both dimensions in one period i would like to deny the inflation rate this year, but this is a propaganda space in addition to the economic indicators in turkey, including internal diseases, foreign debts of the government, expenses that have been increased in the military sector in recent years, all of these have put pressure and the reduction of foreign exchange reserves, as well as the situation that this was created from

year, the turkish lira continues to stay in the area of ​​​​record values ​​​​because of one american. now they give more than 20 lire. to protect the national currency. the country's central bankthe republic's foreign exchange reserves, but western the media, which are clearly dissatisfied with the outcome of the elections in turkey, continues to create a negative fund around the lier during the election race , the turkish currency was subjected to a real attack, both from traders who played for a fall, and from the international side. according to morgan stanley's forecast, lira may reach 26 per dollar faster than previously expected to fall to 28 by the end of the year turkish analysts do not agree with such forecasts. they made such predictions before the elections , expecting the victory of the opposition, but now there is the implemented scenario defeated recep taygi pardon, moreover, his supporters received the majority of seats in parliament. this is important, but you need to support your decisions with the law. i do not agree with the forecasts of international banks, perhaps the turkish currency will fall to the level of 23 lira per dollar, but no more, and some anal

ministry, to the central bank with grave ramifications for policy but also electoral boards and media. 90% of the media is aligned with him and 80% of citizens cannot read linkages other than turkishn curate reality. in the run-up to elections, citizens to not hear about inflation, journalists in jail, or relief agencies providing eight after the earthquake, but how erdogan has made turkey a great military industrial power. he repeated this over and over in the media, given a large majority of citizens read what he curated. erdogan the inventor of nativist politics of this century globally. you spread lies, you repeat them so much they become reality and you win elections based on that, and people forgot ey were lies. john: the selection is closely watched in western capitals, here in washington and at the kremlin. what is at stake? soner: a lot is at stake. turkey plays a role in the role -- a role in the war in ukraine. vladimir putin decided he wanted erdogan to win. there was hyperinflation under erdogan, and large amounts of cash transferred from russia to turkey and erdogan handed these out in the form of social security benefits as well as cheap gas from russia he gave for

the turkish stock exchange crashed 6% and circuit breakers have got to come in, it has opened up later but it is still down 4%. the currency slipped about the central bankuch a mess that to some extent, whichever candidate wins, it was always going to be a very tough and difficult task to sort out the economy. this to be a very tough and difficult task to sort out the economy. as you said but we — task to sort out the economy. as you said but we still— task to sort out the economy. as you said but we still have _ task to sort out the economy. as you said but we still have a _ task to sort out the economy. as you said but we still have a few— task to sort out the economy. as you said but we still have a few weeks i said but we still have a few weeks to go until the second round run—off. mathematically it is still possible to go either way in this fork in the road but for now, thanks fork in the road but for now, thanks forjoining us. thousands of rohingya refugees have seen their homes destroyed or damaged after a powerful cyclone ripped through south—east bangladesh. the cyclone made landfall on sunday, narrowly avoiding a direct hit on the world's larg

turkish lira. we are talking about $177 billion worth of those reserves according to bloomberg economics. those are the figures made available by the central bankconsider what is going on with actual valuations of the lira. analysts say they expect the currency to depreciate further, maybe to 24 or 25. that is according to hsbc and jp morgan. there is implied volatility priced on the terminal. clearly there is a lot tied to the outcome early monday, late sunday. dani: thank you so much, bloomberg's yousef gamal el-din in -- in instanbul. this is bloomberg. ♪ wake up, achievers. you're making the most of every hour of your life. except the hours that you're sleeping. so why do we leave so much untapped potential on the table? this is a next level bed, for a next level you. my circadian rhythm is kicking your circadian rhythm's butt! it's not a competition. i know, but i'm still winning! so, it is a competition. of course. save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. only at sleep number. >> to be clear, we will have a response to the evidence as it comes in. we will now be shap

turkish president is confident that with high inflation. we must fight by lowering the key rate. for a year and a half, the central bank obediently reduced the key rate, but because of this, the lira is depreciating and depreciating before, and inflation in the country is now 44% of avtovaz went on a corporate vacation earlier than planned, it will last from may 29 to june 19 , the company's press service told about this in an entrafax, initially on vacation. the plant was going to leave on july 24, but it had to be postponed due to interruptions in supplies, while avtovaz itself said that the vacation was at the beginning of summer. will not affect the availability of cars from dealers now in togliatti collect lada granta lada niva legend lada niva travel until march last year. the plant also assembled lada vesta, but stopped producing them due to sanctions did not get all the same details in march of this year. still, the production of the new generation lada vesta began, and now it has become the other day. it is known that prices for it will start from one million two hundred and forty thousand rubles this year, av

turkish president is confident that with high inflation. it is necessary to fight by lowering the key rate, and now the central bank of turkey obediently loweredcause of this, the lira depreciated and continues to depreciate, and inflation in the country is 44% avtovaz went on a corporate vacation earlier than planned , it will last from may 29 to june 19 told the press service of the company initially on vacation. the plant was going to leave from july 24, but it had to be postponed due to interruptions in supplies, while avtovaz itself said that the vacation was at the beginning of summer. will not affect the availability of car dealers. now lada granta lada niva legend and lada niva travel are being assembled in togliatti until march last year. the plant still assembled lada vesta, but stopped producing them due to sanctions, they didn’t get all the same parts in march of this year, the production of a new generation lada vesta began, and just the other day became. it is known that prices for it will start from 1 million 240,000 rubles. during this year , avtovaz has already raised prices for its cars several times in march. they added an a

turkish elections and you have the middle east who would prefer a recep tayip erdogan victory. not everyone but probably some in places like the gulf and the gulf has already injected money into the central bank the government going to the elections and you see these conversations been framed as... the opposition has been cast more as a victory for democracy. so you have the different narrative of different regions being put forward at the selection whereas, it is about the power politics, the politics in the west, more about this great power competition between russia, china and the west. it also at a domestic level this democracy versus authoritarianism narrative. that is an associate _ authoritarianism narrative. that is an associate fellow _ authoritarianism narrative. that is an associate fellow at _ authoritarianism narrative. that is an associate fellow at chatham i authoritarianism narrative. that is - an associate fellow at chatham house and some of the pictures you are seeing there, the live pictures are of polls closing here in istanbul, turkey's biggest city and down in the south east of the country. that is the earthquake zone and of course, all across the south, don't forget, pe

the turkish lira because a lot of the focus of this currency will be on what they will do next in terms of composition of the cabinet and what the central bank will do. the debt limit deal struck by president joe biden and speaker kevin mccarthy heading towards a vote in the house after it cleared a crucial procedural hurdle with just days remaining to avoid a default. jpmorgan chase chief executive jamie dimon spoke to us exclusively at the banks annual global china summit in shanghai. >> so i wish one day we could get rid of the whole debt ceiling thing, but i understand when it's a democracy, people have different opinions about what we should be doing. and it is just one tool for one party to get the other party to the table. so, i am quite optimistic there, and i really do applaud the fact that they all sat down and spoke, got something done. francine: on the debt deal, let's get more with bloomberg's bill faries. we have a deal and we think it is the first four in the house. will it get through? >> i think kevin mccarthy is scheduling that vote and has the support the democratic leader. i think they are confident they will get it throu