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HomeHeadlineForeign Investors Lose Faith in Turkey's Economy Amid Central Bank Turmoil

Foreign Investors Lose Faith in Turkey’s Economy Amid Central Bank Turmoil

In a striking development reported by Turhan Bozkurt for Kronos News in Turkish, on February 7, 2024, a longstanding European consulting firm, known for its in-depth reports on Turkey, received an unexpected email from one of its major clients, signaling a dramatic shift in perspective towards investment in Turkey.

The message clearly indicated the client’s decision to no longer request reports on Turkey, effectively removing the country from their monitoring list due to repeated disappointments and the desire to avoid further waste of time and money.

This decision comes in the wake of yet another change at the helm of Turkey’s Central Bank, with Hafize Gaye Erkan being replaced before completing eight months in office. The move reflects growing international frustration with Turkey’s unstable economic policies and governance issues under President Recep Tayyip Erdoğan’s administration, which has seen a rapid turnover of Central Bank governors and a persistent disregard for structural reforms and economic stability.

The consulting firm’s attempt to reassure its client by highlighting the credentials of the new Central Bank governor, Fatih Karahan, was met with skepticism, emphasizing the perceived futility of any change given the overarching control exerted by Erdoğan’s regime. This incident underscores a broader disillusionment among foreign investors with Turkey’s economic direction, marking a significant setback for the country’s efforts to attract international investment amidst ongoing economic challenges.

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