1/5 A currency #crisis in 2018 opened the door for Turkey’s government to clamp down on financial markets in a way that turned inward the largest #economy in the Middle East, and spooked off foreign investors: reuters.com/article/us-tur… (thread) 
2/5 President #Erdogan and his deputies say the measures, including tapping central bank legal reserves and regular #FX interventions, were needed to stabilize the #lira and boost growth – and they have had some success graphics.reuters.com/TURKEY-ECONOMY…
3/5 The investment impact in #Turkey has been dramatic: foreigners now hold only 8% of Turkish debt and mostly missed a once-a-decade bond rally, while non-residents sold a net $3.3 bln last year fingfx.thomsonreuters.com/gfx/editorchar…
4/5 Sources told @Reuters that @GoldmanSachs was among the big firms hit when Turkish state banks choked off lira funding from a London swap market in March ’19, while @Citi has pulled some Istanbul traders
Big rate cuts and a credit surge helped Turkey leave a sharp #recession behind. But economists warn of over-reliance on state stimulus and an outflow of funds that could derail Erdogan’s ambitious growth goals. The story: reuters.com/article/us-tur…
