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2.4 Rumours of billions of dollars
Since 2016, Qatar has been seen coming to the rescue amid Turkey’s economic collapse. Since last November, the United Arab Emirates (UAE) has joined Qatar in the mission.
Saudi Arabia, last month, and Vladimir Vladimirovich Putin are now said to have signed up to provide economic assistance. Current press coverage suggests Putin is supposed to send $15bn and Saudi Arabia $20bn.
Previously, the word was that the UAE was poised to send hundreds of billions of dollars (No joke. This was written. Some reports referred to “hundreds of billions of dollars”.) Qatar has occasionally been said to be willing to send billions and billions.
On August 3, Erdogan’s finance minister Nurettin Nebati, said that some FDI was incoming and that the central bank would release its reserve figures in the upcoming week.
Prior to Nebati’s comments, some “unnamed sources” told Bloomberg that Russia would send $15bn in instalments.
Amid the stories of Russian capital, the Turkish central bank’s gross international reserves rose from $98bn as of July 22 to $101bn as of July 29 and to $109bn as of August 5.
Some more stories on financial rescues will definitely go into circulation in the coming days, but there is no certainty that the figures on the reserves will go up in line with said events.
Gross reserves declined by $1.4bn w/w to $112.3bn as of August 19 from $113.7bn as of August 12.
Data from the central bank also suggested a net $366mn inflow to Borsa Istanbul in the week ending on August 19, bringing the overall inflows in the three-week period between July 29 and August 19 to $700mn.
This does not suggest a shift in foreign interest in Borsa Istanbul. There are rumours about some money flows coming from the United Arab Emirates (UAE). Flows could also be the result of criminals moving their money under the so-called "wealth amnesty" legislation.
16 TURKEY Country Report September 2022 www.intellinews.com