New York Times, international media affirm investors rushing to Turkey despite failed coup

Published 04.08.2016 16:08
Updated 04.08.2016 16:38
emAA Photo/em
AA Photo

With accredited international media organizations like the New York Times publishing articles with headlines such as, 'A Coup, Terrorists and Inflation, Yet Investors Rush to Turkey' and 'Investors Are Unfazed by Instability in Turkey,' financiers can be rest assured that the country and its economy are going to do just fine following the July 15 failed coup attempt.

As written in the article published on Wednesday by the New York Times, the best-performing investments in the global economy last week was in fact Turkish stocks and bonds, which were up 6.6 and 3.8 percent in dollar terms, according to Merrill Lynch.

The country's top economic officials are reassuring investors that the failed military coup attempt orchestrated by the Gülenist Terror Organization (FETÖ) will not cause permanent damage to the economy.

Foreign investors have poured in more than $150 billion into Turkey since 2003, including over $16 billion in 2015, according to the Ministry of Economy.

Additionally, the country's economy grew 4.8 percent in the first quarter from a year earlier, and 4 percent in 2015.

The Central Bank of the Republic of Turkey (CBRT) acted on July 17 to cut commissions on daily liquidity options for banks to zero and to provide unlimited liquidity to maintain financial markets following the coup bid.

The CBRT said it would raise, if necessary, the daily foreign exchange auction threshold currently set at $50 million. Other measures include the government forming a sovereign wealth fund to create a safer investor environment.

Furthermore, top officials of the economy administration started to gather both in meetings and teleconference interviews with foreign investors to explain Turkey's actual position.

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