The unpredictability of Turkey's fiscal and monetary policy means investors should stay away for now, according to Ozan Ozkural, CEO of Tanto Capital Partners.
Turkish President Recep Tayyip Erdogan has defended his central bank's continued loosening of monetary policy, an approach he has pushed for in a bid to "lift this scourge of interest rates from people's backs."
But he suggested that investing in Turkish assets at present carries too many unknowns, even over a longer time period. But in a research note Tuesday, Goldman Sachs highlighted that the "causes of the current sell-off differ from the past." "We therefore think the sell-off has been driven mostly by the impact of rate cuts on local expectations and the demand for TRY."
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