Global Treasury intelligence
The current situation in Turkey has all the hallmarks of the situations treasurers typically face in complex countries: political uncertainty, fast changing regulations, difficulty repatriating cash, FX volatility, high interest rates, liquidity issues, unexpected tax increases, etc, etc. In addition, the country has borders with one of the world’s most volatile regions, and it relies heavily on tourism, with the associated impact from COVID 19.
The report is based on a Treasury Peer Call which took place on 30th March 2021.
The call was expert chaired by Damian Glendinning, whose commentary appears below.
This report was produced by Monie Lindsey
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Chairman’s commentary
The current situation in Turkey has all the hallmarks of the situations treasurers typically face in complex countries: political uncertainty, fast changing regulations, difficulty repatriating cash, FX volatility, high interest rates, liquidity issues, unexpected tax increases, etc, etc. In addition, the country has borders with one of the world’s most volatile regions, and it relies heavily on tourism, with the associated impact from COVID 19.
We had a lively discussion about the challenges everyone is facing. The full technical details are in the conversation below. But the main conclusion several participants have drawn is that it is important to have a good local team to manage the situation and be able to respond quickly.
Details:
Bottom line: Turkey always has been, and remains, a challenging environment, even if it goes through spells of relative stability and prosperity. All participants found that it is an important country, and are fully committed to maintaining operations, so they will do what it takes to help their local operations get through this difficult period. It is essential to have a good local team to get through the upheavals and the complexity.
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