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Turkey Charts

The Turkish economy is defined by the International Monetary Fund as an emerging market economy. Although Turkey is a developed country, it is often classified as ‘newly industrialized’ by many economists and financial analysists. In fact, Turkey is often regarded as a financial hub in the middle-east and although its status is debated in many ways depending on which body or company is doing the classification, it is considered to be one of the more reliable and diverse economies in its region of the world. Turkey is also defined by its recently strengthened industrial sector which has helped boost the nation’s global rankings to become the 17th largest economy in the world by nominal gross domestic product and 13th by purchasing power parity. It is also considered a world leader in the production of transportation equipment, textiles, vehicles, construction materials, consumer electronics, home appliances, and agricultural products.

Turkey is classified as an upper-middle income country, which makes it distinct among its neighbors. Claiming almost forty billionaires, the vast nation has attained great wealth although the disparagement between rich and poor proves rather wide. This article will cover the financial system of Turkey, as well as a range of market information covering currencyfutures, and stocks.

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Turkish Stock Market

The Turkish stock market, locally named the Borsa İstanbul (BST), is the only financial exchange in Turkey. This exchange came about after the merger of the former Istanbul Exchange (ISE) and the Istanbul Gold Exchange (IAB).

Unsurprisingly, the majority shareholder of the newly formed BIST is the federal government of Turkey which is responsible for holding just shy of half of the exchange’s shares. When the merger was made, it was ruled that the Turkish government would offer all of its shares for sale over the short-term future to diversify the strength of the stock exchange.

Turkish Forex Currency (TRY)

The Turkish lira (denoted: TRY) has seen a somewhat tumultuous history on the foreign exchange market. The currency is popularly traded against the American dollar (USD/TRY) as well as the euro (EUR/TRY), but is still considered to be an exotic currency cross. In much of its recent history, the Turkish lira has been pegged to the Great British pound (GBP), the United States dollar (USD), and at one point, the French franc. Currently however, the value of the Turkish lira is allowed to fluctuate freely on the open currency market. Despite this safety measure, the Turkish lira’s value is closely tied to the price of oil, given the country’s economic ties with the petroleum industry.

The national currency is also closely correlated to the country’s state-owned industrial sectors such as telecommunications, making it one of the more difficult currencies to trade and profit from. As an exotic currency cross, the Turkish lira sees some of the highest spreads on the foreign exchange market due to the lack of liquidity in these markets compared to major and minor currency crosses.

Turkish Dollar (Lira)

The Republic of Turkey, formerly the Turkish-Ottoman Empire, has seen a somewhat short history of the lira. After its birth in the 1920’s the first national bank of the republic came into existence. From the banknotes to the monetary policy, the country has seen the lira vary widely from administration to administration. At one-point, banknotes were issued in Arabic, but this was later changed to the Latin script. The country has also seen the issuance of denominations far surpassing that of any western nation with bills issued in one million, five million, ten million, and twenty million lire note denominations. After reevaluation, the Turks dropped six zeros from their currency, adjusting it to somewhat more contemporary standards.  After the lira fell dramatically in 2005, the federal government issued a new version of the Turkish lira.

As the Turkish economy relies heavily on foreign cash, the nation is extremely susceptible to global headwinds and the risk-off environment that normally ensues as this can potentially lead to further lira depreciation. Although it is in Turkey’s best interest to join the Eurozone, the current political climate and economic issues present within the nation continues to delay this step forward.

Turkish Stocks

Turkey’s sole stock exchange, the Borsa Istanbul (BIST), does not accurately reflect the nation’s economy as well as other financial exchanges found around the world. While it’s true that the most liquid and profitable companies are listed on the stock exchange, other companies which have paid their way onto the exchange can also be found ready to ensnare unsophisticated investors. The best way to avoid these financial pitfalls is to follow the most reliable of Turkey’s stock and sub-sector indexes such as:

  • ISE All National Shares Index,
  • ISE National 30,
  • ISE National-50,
  • ISE National-100,
  • ISE Second National Market Index,
  • ISE New Economy Market Index, and
  • ISE Investment Trusts Index.

 

The BIST is also home to more sophisticated financial instruments such as government bonds, private sector bonds, foreign securities and derivatives. However, investors may also favor such securities as revenue sharing certificates, real estate certificates, and exchange traded funds (ETFs), if portfolios are evaluated to have a low-risk profile.

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Turkey
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