See 'equity-like returns' from the Turkish Lira carry trade: CIO
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Bloomberg
4 days ago
- Bloomberg
Morgan Stanley Flags Crowded Lira Trade as Currency Hits Record
Morgan Stanley is advising a more cautious approach to the Turkish lira, citing a faster pace of currency depreciation and increasingly crowded positioning in the carry trade, even as the currency continues to generate positive returns in real terms. The guidance follows the Turkish central bank 's 300 basis-point rate cut on Thursday, which marked a return to monetary easing and sent the lira sliding to a new all-time low against the dollar in thin late-session trading.
CNBC
4 days ago
- CNBC
Turkey's central bank makes three-point cut to interest rates in return to easing
Turkey's central bank on Thursday cut its key interest rate by three points points to 43%, returning down the path of monetary easing. The step marked the first rate reduction since April, when the bank hiked rates to 46% in the wake of the controversial arrest of Istanbul Mayor Ekrem Imamoglu, which sent the Turkish lira tumbling. The move also suggests confidence in the monetary policy committee's work toward tackling inflation, which sat at 35.05% in June but has been steadily decreasing. "The tight monetary policy stance, which will be maintained until price stability is achieved, will support the disinflation process through moderation in domestic demand, real appreciation in Turkish lira, and improvement in inflation expectations," the central bank said in a statement accompanying the decision.
Newsweek
5 days ago
- Newsweek
Rising NATO Ally Unveils Hypersonic Missile
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Turkey has unveiled its first locally developed hypersonic missile as part of six advanced weapons systems during a major fair run by the defense ministry. The missile is being developed by state-owned rockets and missiles company Roketsan. Newsweek has reached out to the Turkish Foreign Ministry and Roketsan for comment. Why It Matters Turkey is accelerating efforts to modernize its military as regional conflicts intensify, combining a push for self-reliance in weapons manufacturing with continued cooperation through its NATO allies. With tensions flaring with Israel, Turkey is expanding naval and air defense capabilities — including a fifth-generation fighter jet and aircraft carrier — and is eyeing a return to the U.S. F-35 fighter jet program. It is also becoming an increasingly important global arms supplier. Short and long range anti-tank missiles, manufactured by Turkish company Roketsan, are displayed during the International Defence and Security Fair (FEINDEF) in Madrid, May 12, 2025. Short and long range anti-tank missiles, manufactured by Turkish company Roketsan, are displayed during the International Defence and Security Fair (FEINDEF) in Madrid, May 12, 2025. THOMAS COEX/AFP/Getty Images What To Know The Tayfun Block-4 is the hypersonic variant of Türkiye's longest-range domestically produced ballistic missile, the Tayfun, according to the Daily Sabah, and was revealed during the International Defense Industry Fair taking place this week in Istanbul. On the first day of #IDEF2025, we unveiled six new systems that will further strengthen the power of our defense industry. Each system, developed through national engineering and indigenous capabilities, reflects the level we have reached in generating advanced technologies and… — ROKETSAN (@roketsan) July 22, 2025 The Tayfun is a land-based ballistic missile, operating at hypersonic cruise speed. It has a range of over 175 miles, a length of 21 feet and a pre-shaped fragmentation warhead. It is guided by an in-space navigation system and is designed to strike strategic targets such as air defense systems, command centers, and military infrastructure, according to the company. In addition to the Tayfun hypersonic missile, Roketsan also unveiled five other advanced systems including a ramjet-powered air-to-air missile, a submarine-launched cruise missile, a loitering munition, a supersonic UAV-launched missile, and a satellite launch vehicle. In 2022, Roketsan also successfully tested the first domestically developed air-to-ground supersonic missileTRG-230, Turkish media reported. Turkey accelerated its indigenous defense-industrial agenda Russian S‑400 air defense system in 2019 and subsequent expulsion from the Turkey accelerated building its indigenous defense capabilities after it was expelled from America's F‑35 program for acquiring the Russian S‑400 air defense system in 2019. What People Are Saying Roketsan said in a statement, according to the Daily Sabah: "The Tayfun Block-4 achieves long ranges, setting another record for the Turkish defense industry. Weighing over 7 tons, this new version of the Tayfun, with its multipurpose warhead, will be capable of destroying numerous strategic targets, such as air defense systems, command and control centers, military hangars and critical military facilities, from kilometers away." Haluk Bayraktar, CEO of Byakar Tech, a Turkish defense company, wrote on X: "I wholeheartedly congratulate all the engineers and technicians who have brought these capabilities to our country. Now, our goal is to elevate our deterrent power to the highest level with high-volume production. We look to the future of our homeland's defense with even greater hope." What Happens Next The Tayfun Block-4 will enter Turkish service by late 2025 and is currently not intended for export, Roketsan CEO Murat İkinci said, according to Army Recognition Grup's platform.
