Arab Today, arab today turkish lira stocks soar after akp win
Last Updated : GMT 21:10:43
Arab Today, arab today
Arab Today, arab today

Turkish lira, stocks soar after AKP win

Arab Today, arab today

Arab Today, arab today Turkish lira, stocks soar after AKP win

In response to the return to power of President's Recep Tayyip Erdogan
Ankara - AFP

The Turkish lira and stocks soared on Monday after President's Recep Tayyip Erdogan's Justice and Development Party (AKP) was returned to power in a stunning weekend election victory.
The lira was up 4.4 percent at 2.78 to the US dollar in early trade, around its highest level in seven years, after tumbling over 25 percent this year on Turkey's economic woes and political turmoil.

The main index on the Istanbul stock exchange, the BIST, was up 5.4 percent at 83,735 points shortly after the opening.

Sunday's election saw the AKP win back its overall majority in the Turkish parliament, paving the way for one-party rule once again after months of instability following an inconclusive vote in June.

The AKP won almost half the vote, giving it around 315 seats in parliament, and is now set to rule Turkey until 2019.

"The Turkish lira could now see one of its strongest periods, moving closer to two per dollar down from three," wrote FXstreet analyst Valeria Bednarik in a note published by the Anatolia news agency.

"This election will end Turkey's period of transition, and should lead to a marked strengthening of the country's economy."

Turkey's economic growth slid to less than three percent last year after levels around 10 percent five years ago, and the lira had tumbled around 25 percent since the start of 2015.

"This (election) outcome eliminates concerns regarding (the) formation of the government or repeat elections that might have arisen had elections produced a similar outcome to June vote... but gives rise to some other uncomfortable questions," said Inan Demir, chief economist at Finansbank.

He said even though markets were expected to gain on the removal of immediate uncertainty, question marks remained over the fate of the Kurdish peace process, future economic policies and whether the AKP would press on with its clampdown on its domestic rivals and critical media.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today turkish lira stocks soar after akp win Arab Today, arab today turkish lira stocks soar after akp win

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today turkish lira stocks soar after akp win Arab Today, arab today turkish lira stocks soar after akp win

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday