What awaits Turkey’s economy as its foreign exchange woes ease?’Al Monitor, Nov 18,2023)

A combination of factors helped Turkey ease its foreign-currency woes during the summer, but the problem could resurge in the coming months as Ankara balks at unpopular measures ahead of local elections in spring.

Decreasing uncertainty after the presidential and parliamentary elections in May laid the ground for foreign-currency assets held abroad or “under the pillow” to flow into the formal economy. That confidence was increased after Mehmet Simsek, an economist highly regarded among international investors, took the reins of the economy in June. According to central bank data, such inflows — recorded under “net errors and omissions” in the balance of payments — totaled about $16 billion in the four months from June through September.

https://www.al-monitor.com/originals/2023/11/what-awaits-turkeys-economy-its-foreign-exchange-woes-ease