Turkey sees USD 662mn outflow from bonds last week.

By bne IntelliNews February 7, 2014

Non-residents’ holdings of Turkish bonds fell by USD 661.6mn to USD 47.12bn in the week to January 31, data on the Central Bank website showed. Foreign investors’ equity holdings also fell by USD 465mn to USD 44.78bn over the same period after a slightly rise of USD 0.6mn a week earlier.

Foreign investors’ bond and equity holdings stood at USD 52.7bn and USD 49.4bn respectively at the end of 2013.

PM Recep Tayyip Erdogan has been talking about alternative plans to be implemented for the economy if the central bank’s rate hike fails. He has not provided any details but his comments have led to speculations about capital controls. However, both Deputy PM Ali Babacan and finance minister Mehmet Simsek have dismissed these speculations recently with Babacan saying capital controls would mean suicide for the Turkish economy. Turkey is not facing a crisis and the government should not be expected to take any emergency measures, Babacan said earlier this week.

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