Rebels to rubles

TURKEY - Report 15 Aug 2022 by Murat Ucer and Atilla Yesilada

It is useful to watch the time-travel spy thriller “Tenet” (link here) before reading this brief note. Like in that controversial movie, the action in this essay moves from front to back and side-to-side.

That is, it jumps from Erdogan’s new initiative to reach out to Syrian President Assad to the soon-to-become historic Sochi summit with Putin from about a week ago, which raised hopes -- and already showed some tangible signs -- for large cash F/X transfers to the system.

As sub-plots, the post also touches on the ongoing CBRT F/X reserve accumulation and Saudi money, concluding with diplomatic and domestic repercussions of President Erdogan’s grand crusade to bankroll the upcoming elections. In conclusion though, it doesn’t move too far ahead of our last note, titled “From Russia with love” (August 8, 2020), still claiming that Russian inflows, though they might have bought Ankara some time, are unlikely to become a game-changer in the balance of payments dynamics or in terms of Erdogan’s travails to gain mileage in the polls.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.