Turkey’s currency, the lira collapse accelerated Tuesday, down 15% on the day. This was its second-worst day ever with the latest catalyst President Tayyip Erdogan defending the Turley Central Bank sharp rate cuts. He vows to win his so called “economic war of independence”. Meanwhile Turks can’t afford bare necessities as inflation runs rampant from the collapsed currency. Erdogan has dug his heals in from the widespread criticism and pleas to reverse course on rates. Highlights (via Reuters) Lira has … Continue reading “Turkey Lira Collapses Another 15% in One Day as Erdogan Defends Rate Cuts”
The Central Bank of Singapore, the Monetary Authority of Singapore is in process of setting regulations in place encouraging cryptocurrency firms to operate in the island state. The move is to avoid “Singapore being left behind.”
Central Bank of Nigeria (CBN) Governor Godwin Emefiele says will its launch digital currency eNaira in a couple of days. The move followed Nigeria banning banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February this year.
Futures and commodities were hit violently in the first quarter of 2020 with the black swan Covid -19 event running roughshod over energy markets in particular. The biggest gainers were safehaven elements such as the VIX, treasuries and foodstuffs.