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Turkish Bank Index Tests All-Time High; Simsek, Erkan to Attend Investor Meeting This Week

TURKEY
The Turkish Banking Sector index closed Monday’s session 8.91% in the green, testing the all-time high of 9606.8 recorded in mid-December. Bank of America noted that "investor interest in Turkey has increased significantly and investors are eager to renew their views on Turkish banks after several years of disengagement." That follows a report from Reuters last week that US investment giants Pimco and Vanguard have bought local Turkish assets in recent months.
  • Of note this week, Minister of Treasury and Finance Mehmet Simsek and CBRT Governor Hafize Gaye Erkan are slated to participate in an investors' meeting organised by JP Morgan on January 11 in New York. The meetings follow sustained efforts from President Erdogan’s new economy management team to channel international investment into Turkey over the past few months.
  • Furthermore, Moody’s may provide an update to Turkey’s sovereign credit rating on Friday (Current rating: B3; Outlook; Stable).

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