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Investing in Turkey: It’s All in the Exchange Rate

By David Rogovic and Tim Azarchs

  • The Central Bank of Turkey’s (CBT) dovish monetary policy stance adds to uncertainty around the future level of the Turkish lira (TRY) and makes Turkish investment a risky proposition.
  • For foreigners, the rate of return on TRY assets is driven by ever-more volatile movements in the currency.  Given that volatility, Turkey is increasingly attracting only speculative money that could reverse itself on a dime.

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