The leading index of the Istanbul Stock Exchange keeps reaching new records.
(Photo: Bloomberg)
Istanbul It is a paradoxical development: the Turkish lira has lost more than half of its value against the US dollar since October. The Turkish stock index BIST100 has again increased 40 percent in the same period. Since December alone, the plus has been 15.4 percent, as the Reuters news agency has calculated. That would be the stock index’s best December performance since the financial crisis twelve years ago.
The Turkish economy has been on a roller coaster ride since the lira crisis. But there are many beneficiaries of monetary policy from Ankara – and more and more Turks are desperately looking for opportunities for returns. Shares are just one instrument in this.
The Turkish lira fell to a record low ahead of the central bank’s rate cut expected this Thursday. Their course fell on Tuesday morning to up to 14.99 against the US dollar, a decrease of around seven percent this week.
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