Turkey's markets rally after President Erdogan re-elected

Turkey's markets rally after President Erdogan re-elected
By Daniel Bellamy with Reuters
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Turkey's markets rally after president re-elected.


Turkish markets rallied on Monday after investors bet on Tayyip Erdogan's presidential election victory bringing political stability.

The main BIST 100 stock index jumped 2.2 percent as it opened, and against the dollar the turkish lira was trading one and a half percent up from Friday, at 4. 66. In later trading however it dipped.

For now investors appear to have set aside any concerns over the direction of Turkey's economic policy, but analysts suggest this might be short lived.

The lira has lost 17 percent against the dollar this year,

mainly due to worries about how independent the central bank is.

Before his re-election President Erdogan promised to get a tighter grip on monetary policy.

Erdogan wants to lower interest rates to boost economic growth and there are indcations he's he's been trying to influence the bank.

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