Turkey lira crashes to historic low on security, inflation

Turkish lira banknotes are seen in this photo illustration. (REUTERS File Photo)
Updated 03 January 2017
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Turkey lira crashes to historic low on security, inflation

ISTANBUL, Turkey: Turkey’s embattled currency the lira on Tuesday crashed to a new historic low against the US dollar due to higher than expected inflation figures and security worries after the Istanbul nightclub attack.
The lira was trading at 3.59 to the greenback, a loss in value of 1.38 percent on the day. Earlier it crashed through the 3.6 lira ceiling, the first time in history it has been this weak against the dollar.
The currency was battered by a surprisingly sharp uptick in December inflation which fueled expectations of rate rises in January.
Prices rose 8.5 percent in December from the same month the year earlier and also by 8.5 percent for the year as a whole. Prices rose 1.64 percent from November, much more than expected by analysts.
Meanwhile, the attack claimed by the Daesh extremist group on an Istanbul club on New Year’s night that killed 39 people also pressured the currency.
It was the latest in a string of attacks in Turkey in recent months that have battered the crucial tourism sector and harmed investment.
The lira has now lost 24 percent in value over the last six months against the dollar. Over the last two years it has now lost 53 percent in value, having traded at 2.34 to the dollar at the start of 2015.


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.