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Investors say Turkey stands out positively among emerging markets, source says

By Thomson Reuters Jun 21, 2024 | 2:07 AM

ANKARA (Reuters) – Turkish Finance Minister Mehmet Simsek met with investors at a Deutsche Bank-organised investor meeting in London on Thursday and participants said Turkey stood out positively among emerging markets, a meeting participant said.

He said Simsek spoke about what has been done in the Turkish economy in the last 12 months and the potential steps to be taken in the next year and in the long term.

Investors at the meeting said that “Turkey had stood out positively among emerging markets” following the change in economic policies over the last year, he said.

According to information provided by the participants, more than 150 investors with funds worth 50 trillion euros ($53.6 trillion) attended the meeting.

Speaking on Thursday at an event in London organised by the Chatham House think tank, Simsek said Turkey is on the verge of a sharp fall in inflation, predicting it would slow to mid-teen levels next year and help bring more international investment.

Turkish consumer inflation rose at an annual rate of 75.45% in May, but a complete overhaul of previously problematic economic policies over the last year under Simsek has brought hope that the relentless price rises will finally be tamed.

He said that international investors would start to take a longer-term interest in Turkey having already begun to dip their toes back into its shorter-term bond markets.

($1 = 0.9331 euros)

(Reporting by Nevzat Devranoglu; Writing by Can Sezer and Daren Butler; Editing by William Maclean)