Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position.
Turkey’s... Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position. Turkey’s BIST index XU100 rose 4.2%. The index has gained 94% over 12 months in local currency terms, as investors in the country have turned to the stock market to shelter from soaring inflation amid a severe cost-of-living crisis.
The dollar USDTRY rose 0.26% to a new high of 20.07 lira, tapping a new high of 20.08 lira. The lira has lost 23% in the last 12 months,What’s next for Erdogan and Turkey? Wolfgano Piccoli, co-president, Political Risk Advisory with Teneo, said some policy-making adjustments could be seen ahead of March 2024 local elections. “Preserving a sense of economic stability through next spring will be a priority,” for Erdogan, he told clients in a note.