The writer is global head of research at Ashmore Group
For emerging market investors, there has been a marked change in the signals from Turkey. A set of reforms has placed it back in the universe of countries with investable local currency assets.
For years, heterodox policies that combined low interest rates and state-led credit expansion led to high inflation and a very vulnerable lira. Consequently, Turkish local assets became a structural underweight position for emerging market investors.
However, after Recep Tayyip Erdoğan’s 2023 re-election as president, this radical policy stance pivoted. Bringing in technocrats to manage the central bank and Mehmet Şimşek as finance minister, meant a much-needed return to monetary and fiscal orthodoxy began.
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