HDP wins six parliamentary seats despite opposition
Finance
“Turkish Prime Minister Binali Çıldırık announces victory of HDP in parliamentary elections.”
Turkish Prime Minister Binali Çıldırık points out the success of the opposition party Peoples' Democratic Party (HDP) in winning six parliamentary seats. HDP's deputy chairman Selahattin Demirtas said on the sidelines of a closed meeting with the National Economic Policy Council that this success was because of the lack of support for the ruling party's policies from the Turkish people. On the other hand, Minister of Finance İrem Özcan also took note of the fall of the risk premium in the Turkish economy. Speaking at a press conference, he acknowledged the low risk environment created by the new normal economic cycle, adding that "the market is currently in a very positive state." He mentioned the possibility of stabilization of the currency exchange rate, saying "this means that the currency is now depreciating and the depreciation will continue. The decline was carried out at a fairly high percentage but not as drastically as during the period immediately before the new normal economic cycle began," highlighting the slowdown in the real estate sector due to increasing competition, government debt burden, and falling consumer spending as factors contributing to Turkey's risk premium increase.
A brief history of Turkish Currency:
-1928 : DETZ takes over all commercial banking operations after taking over control of the newly created Ottoman Bank
-1933 : Creation of the first paper money in Republic of Turkey
-1936 : Introduction of the New Turkish Lira (now it is New Turkish Lira)
-1940: During the occupation of Turkey in World War II, an alternative currency was established, known as the German Mark
-1945: The British introduce paper money with the New Turkish Lira and take control of banking operations
