Turkish Finance Minister Calls Protests Hiccup for the Economy

Protests in Turkey that have led to weeks of turmoil and exacerbated a sell-off in the lira and Turkish stocks have been described as a “hiccup” by the country’s finance minister.
Mehmet Simsek said the month long protests, that have resulted in four deaths and thousands of injuries, were a “mishap” and the nation’s economy is resilient.

Turkey has been hard hit by a sell-off in emerging markets, with the country’s benchmark index falling 24 percent between May 22 and June 24 before recovering this week. The lira fell to a record low of 1.9602 against the dollar on Monday, but it has recovered in recent days as the central bank has intervened to curb volatility and as investors have returned to beaten-down emerging market investments.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza