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with the dollar?”) abandoned its candidates in the last meaningful elections—the local polls held in spring last year—after it was unable to bribe them in cash terms.
It’s the same story with the Erdogan administration’s foreign investor “allies”. The “allies” in question are when it suits them ready to publicly support any manipulative campaigns staged by the government, but so far this year they have pulled out around $14bn from Turkey, while the government found itself selling cheap dollars to them while supporting bond and stock prices.
Following on from the Black Sea natural gas discovery stage performance (sceptics eagerly await the day when they find out how much gettable gas there really is), the current story suggests that the government has broken through all negative expectations on Turkey with a surprise rate “hike”. If you buy.
On September 17, a weekly bulletin from the Capital Markets Board (SPK) showed that the authority had cut the “direct market access” of UBS' London branch to Borsa Istanbul as of September 18 due to price and volume movements on the Turkcell trading board on September 15.
The move means the Swiss firm’s artificial intelligence algorithmic trading software can no longer function on the Borsa Istanbul.
During the coronavirus (COVID-19) lockdown period, one story in circulation was that there were “individual investors’ who were interested in the Borsa Istanbul”. It sounded fishy and indeed no-one could come up with a tangible explanation.
So, the best choice was to avoid the Borsa Istanbul as foreign investors, as could be seen in balance of payments-related data, were heavily selling.
16​ TURKEY Country Report​ October 2020 ​ ​www.intellinews.com