STORY CONTINUES BELOW THESE SALTWIRE VIDEOSANKARA/LONDON - Turkey's latest massive interest rate hike has caught the attention of long-sceptical foreign investors who say they could return to Turkish assets if authorities continue to demonstrate that a return to orthodox monetary policy is underway.
Finance Minister Mehmet Simsek will kick off the investor roadshow on Sept. 19 at Goldman Sachs headquarters in New York, Reuters reported on Friday. "It feels like they are correcting the mistakes they made with their first rate hike decisions," said Viktor Szabo, portfolio manager at abrdn in London."And it is a sign that the pressure continued on the currency."
Vice President Cevdet Yilmaz told bankers that next month's"medium-term programme" will detail a transition to increased economic and financial predictability and include three-year macro forecasts. The investor roadshow will also accelerate, he added. Foreigners hold less than 1% of Turkish bonds, down from 10% in 2019 and 20% in 2015, official data shows. Over the last three months, bonds saw only $110.5 million in cumulative foreign inflows, while stocks saw a rush of $1.7 billion.
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