Categories: Emerging MarketsEuropeInternational Investing

Investors Left to Guess about Turkey’s Next Economic Move

Investors Left to Guess about Turkey’s Next Economic Move (Turkey)

Turkey ruled out capital controls on Thursday in its efforts to defend the lira’s value and tame inflation, leaving investors guessing about a new economic package by Prime Minister Tayyip Erdogan might contain. Finance Minister Mehmet Simsek said there was no question of restrictions on capital movements after an emergency interest rate hike late on Tuesday failed to lift the lira currency substantially from record lows. Erdogan, facing a corruption investigation months ahead of elections, was quoted late Wednesday as saying “a Plan B or a Plan C” for the economy may be announced in the coming days or weeks. He has voiced a need to sustain growth as Turks prepare to vote and he has railed against what he describes as an “interest rate lobby” of speculators seeking to hike rates and stifle Turkey’s economic progress.

Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.