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A few days before the vote, who will determine who governs the cities Turkey, Authorities tighten rules on foreign hedge funds and force them to continue their commercial and financial transactions to read.
Investors do not favor local currency trading at a time when Turkish banks are under pressure not to provide liquidity, Bloomberg said, citing four bankers accustomed to transactions.
In June, the Turkish authorities implemented this plan in the weeks leading up to the presidential election, which strengthened their grip. Erdogan On power.
This action was stopped Read, Which recorded the second worst performance in the major currencies in 2019.
Since the election of Mr. Erdogan to the presidency, the Turkish challenges have increased: the Turkish market has dropped in August, the economy has fallen into recession, inflation has reached its highest level in 15 years and the opposition parties have repressed their support for the ruling party.
Bloomberg commented Richard Seagal, Senior Emerging Markets Analyst at Audi Asset Management in London, in the following terms: "Turkey learned the lesson last summer and will not let things get out of hand."
Foreign investors are trying to free themselves from Turkish hold since last week.
JPMorgan was among the banks that urged investors to sell the lira, ending months of calm, allowing them to take advantage of high interest rates.
JPMorgan's call was followed by a 5.1% drop in the pound in one day and a sharp drop in the main index on Friday.
As a result of these events, the Turkish authorities accused the US investment bank, based in New York, of having published reports "Deceiver" and "Manipulated". On Sunday, Erdogan threatened to punish the bankers responsible for the currency speculation.
These threats have exacerbated investor sell orders with their read, but foreign funds have not acted because they have failed to find other investors, Bloomberg quoted bankers who declined to give their name.
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A few days before the vote, which will determine who will govern the cities of Turkey, the authorities tighten the screws of foreign hedge funds, forcing them to continue their commercial and financial transactions in reading.
Investors do not favor local currency trading at a time when Turkish banks are under pressure not to provide liquidity, Bloomberg said, citing four bankers accustomed to transactions.
Last June, the Turkish authorities implemented this plan in the weeks leading up to the presidential election, which strengthened Erdogan's grip on power.
This decision ended the lira, the second worst performance of major currencies in 2019.
Since the election of Mr. Erdogan to the presidency, the Turkish challenges have increased: the Turkish market has dropped in August, the economy has fallen into recession, inflation has reached its highest level in 15 years and the opposition parties have repressed their support for the ruling party.
"Turkey has learned from last summer and will not let things get out of control," said Richard Siegel, senior emerging markets analyst at Audi Asset Management in London.
Foreign investors are trying to free themselves from Turkish hold since last week.
JPMorgan was among the banks that urged investors to sell the lira, ending months of calm, allowing them to take advantage of high interest rates.
JPMorgan's call was followed by a 5.1% drop in the pound in one day and a sharp drop in the main index on Friday.
As a result of these events, the Turkish authorities accused the US-based investment bank based in the US of publishing "misleading" and "manipulated" information. On Sunday, Erdogan threatened to punish the bankers responsible for the currency speculation.
These threats exacerbated investors' sell orders with their lira, but foreign funds did not act because they failed to find other investors, said Bloomberg citing bankers who refused to give their money. name.
