Scores of foreign investors are returning to Istanbul and Ankara after years in the cold for a flurry of meetings to understand whether Turkish elections could bring a tidal change for its economy and financial markets.
organised trips and calls for clients to meet current Turkish policymakers and opposition officials and advisers., including aggressive rate cuts in the face of soaring inflation, left the economy and markets heavily state-managed and spurred an exodus of foreign investors over the last five years.in some polls ahead of the May 14 vote behind an opposition that has pledged to ditch his policies and return to orthodoxy in running the big emerging market economy.
One person familiar with the plans said a trip next week organised by Spanish lender BBVA includes clients representing some $1.5 trillion in debt-related assets across emerging markets. Analysts say Turkey needs to borrow another $5 billion this year. Getting a large chunk money via a sustainable bond sale is a hope although an additional, standard-style dollar-denominated bond or a sukuk could make up any shortfall.
Complicating any transition is the need to address the more than 100 financial regulations adopted since the latest currency crash in late 2021, and the expected overhaul of personnel at the central bank, regulators and ministries, analysts say.
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