Foreign Investors Flee Turkey
World Economy

Foreign Investors Flee Turkey

The Turkish lira is facing its biggest annual fall since 2008 and is nearing new record-lows, as foreign investment continues to leave the country. Investors from abroad have withdrawn $7.6 billion in assets this year, according to Bloomberg. This includes $1.4 billion in November, the month President Erdogan’s Justice and Development Party managed to win back the majority. At first, market reaction was positive to Erdogan’s party win, but the escalation of tension with Moscow over the downed Russian warplane in Syria has shaken investors’ nerves. Russia responded with measures intended to hit the Turkish economy where it hurts most, its tourism industry and exports to Russia. “Markets have indeed welcomed the recent election, but I think they may be overly sanguine,” William Jackson, senior emerging markets economist at London’s Capital Economics told Bloomberg. Analysts predict the lira will also continue its descent. London’s Capital Economics’ Jackson predicts an 11% decline by the end of 2016 for the lira, saying it will fall to 3.25 against the dollar.

Short URL : http://goo.gl/DDAa5N
  1. http://goo.gl/WC8Y9u
  • http://goo.gl/GKgNsr
  • http://goo.gl/fhRsJl
  • http://goo.gl/suibEC
  • http://goo.gl/Y1oh9D

You can also read ...

India Hits Back at US With Tariffs
Responding to the US import tariffs on certain steel and...
American farmers are losing sales as trading partners hit back with duties of their own.
Only a few months ago, the global economy appeared to be...
Few Will Want to Invest in High-Risk North Korea
US President Donald Trump dangled the carrot of foreign...
Eurozone Reform Agreement
Paris and Berlin are very close to an agreement on eurozone...
Ministers Fired After Argentina Currency Collapse
Argentina’s President Mauricio Macri has replaced two cabinet...
Businesses in Gaza are cutting back production as a result of falling consumer demand, the prevailing financial sanctions, restricted access to goods and materials, and lack of freedom of movement.
Humanitarian, socioeconomic, political and security conditions...
Suez Canal is the fastest shipping route between Europe and Asia.
Egypt’s revenue from the Suez Canal for the 2017-2018...
Greece Creditors Debate Extensions on Bailout Loans
Greek bailout talks are reaching the final stretch and...