Video: Suddenly, Turkish Lira is the king of Emerging Markets

It is a funny world we live in. Only in March, Turkey was on the brink of yet another currency crisis. Central Bank had to raise interest rates by 500 basis points to defend the Turkish Lira. Fast forward 45 days, and the same Central Bank bought $47 billion of FX from the market to make sure TL doesn’t appreciate too fast.


Bloomberg calls TL the darling of carry traders, as Turkish companies raise record amounts of dollar debt. What happened? How long will the reign of Strong Turkish Lira last? Can Turkey use this unique opportunity to create a sexy story to attract longer-term money and fix her chronic inflation problem?

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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.