Turkey's latest massive interest rate hike has caught the attention of long-sceptical foreign investors who say they could return to Turkish assets if authorities continue to demonstrate that a return to orthodox monetary policy is underway.
Economic programme, investor trips abroad to followSigns of lasting turnaround have caught investor's eyehas caught the attention of long-sceptical foreign investors who say they could return to Turkish assets if authorities continue to demonstrate that a return to orthodox monetary policy is underway.
Finance Minister Mehmet Simsek will kick off the investor roadshow on Sept. 19 at Goldman Sachs headquarters in New York, Reuters reported on Friday., persuading investors will not be easy: Foreigners had all but abandoned Turkey over the last five years of President Tayyip Erdogan's unorthodox and often erratic policies, which included slashing interest rates in the face of soaring inflation.
Ola El-Shawarby, deputy portfolio manager for Emerging Markets Equity Strategy at Van Eck, said: "We have some exposure and we are getting more comfortable with the overall picture so we are getting more constructive." Though Turkey's international bonds are widely held and form part of key indexes, the country has struggled to lure foreign investors back into its domestic bond markets after a series of lira crises and de facto capital controls.
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