Page 49 - TURKRptFeb20

So, to sum up, the official data sets are not reliable.
There are sharp outflows and inflows, allegedly from abroad, that can hardly be explained.
Not for the first time, there’s a small bank with a market cap something like twice the market cap of the rest of the banking sector "but foreign ownership does not increase because of those small banks but due to actual foreign inflows".
The owners of large cap banks sell their shares. And, “any further rally from here might run out of steam in the short term”.
On January 23, the central bank’s weekly data pointed to a fresh record high of $122bn in resident real persons’ FX deposits as of January 17.
Timothy Ash of BlueBay Asset Management, responded: “Pretty remarkable—little sign that dollarisation is slowing. Weekly bond flow data also shows foreigners continue to be a small seller of Turkish bonds.
“So local retail/corporate, and foreign institutional don't really buy the story... And yet Turkish markets hold in relatively well—heavy micro management now. Recycling of FX deposits into credit—crushing credit rates lower, and giving an impression of lower risk perceptions—and back into the FX, to support the TRY [Turkish lira]. How long can this go on?”
49 TURKEY Country Report OUTLOOK 2020 www.intellinews.com