INTERVIEW: “The weekend’s protests were the Russian people's, not the opposition’s” – Maxim Reznik
Western Balkans citizens legally resident in EU equal to 14% of region’s population
International Ice Hockey Federation (IIHF) has stripped Belarus of the right to hold the World Championship this year
Alexei Navalny arrested on arrival as he returns home
Russian President Vladimir Putin and US President Joe Biden have first phone call, extend START II treaty for five years
ING: Russian budget’s modest deficit leaves fiscal room for 2021
Russian industry falls by 2.9% y/y in 2020.
ING: Russian corporates are back to foreign debt redemption in 2020
Ukraine’s industrial output jumped 4.8% y/y in December
State-owned Ukrgasbank signs off on convertible €30mn IFC loan ahead of its privatisation
National Bank of Ukraine retains a key policy rate at 6%, the outlook of the CPI deteriorates
Estonia's two big parties agree on grand coalition
VISEGRAD BLOG: Central Europe's populists need a new strategy for Biden
LONG READ: The oligarch problem
OUTLOOK 2021 Lithuania
Czech billionaire Kellner´s PPF makes another bid for Moneta Money Bank
Czech MPs pass protectionist food law in violation of EU rules
M&A in Central and Eastern Europe fell 16% in value in 2020, says CMS report
Hungarian vehicle makers hit by supply chain shortage
COVID-19 and Trump’s indifference helped human rights abusers in 2020
Polish industrial production continues boom in December
OUTLOOK 2021 Poland
OUTLOOK 2021 Slovakia
BRICKS & MORTAR: Rosier future beckons for CEE retailers after year of change and disruption
FDI inflows to CEE down 58% in 1H20 but rebound expected
BALKAN BLOG: Only better waste management can clean rivers of trash
Pandemic pushes public debt close to 80% of GDP in Albania and Montenegro
BALKAN BLOG: Superstition and resentment surround vaccination plans
Albania needs reforms for e-commerce to thrive, says World Bank
Bosnia's exports in 2020 amounted to BAM10.5bn, trade deficit to BAM6.3bn
Bulgaria’s latest nuclear u-turn
Retailers and restaurant owners threaten protests in Bulgaria if reopening is delayed
Bulgaria's Biodit first company to IPO on new BEAM market
Spring lockdown caused spike in online transactions in Croatia
ING: Growth in the Balkans: from zero to hero again?
Labour demand down 28% y/y in Croatia in 2020
Kosovo’s biggest opposition party risks being unable to run in general election
OUTLOOK 2021 Moldova
Storming parliaments: New Europe's greatest hits
World Bank revises projection for Moldova’s 2020 GDP decline to 7.2%
Montenegro’s special prosecution probes finance minister over €750mn Eurobond issue
North Macedonia plans to cut personal income tax in IT sector to zero in 2023
Romanian cybersecurity company Safetech floats shares amid rising investor interest
Romania government to pursue “ambitious” timetable for justice reforms
Private finance mobilised by development banks up 9% to $175bn in 2019
Slovenian crypto payment system enters Thai market
Slovenia’s economic sentiment indicator up 2.2 pp m/m in January
Slovenia lost €10bn by neglecting wood industry for decades
OUTLOOK 2021 Slovenia
D’S Damat franchise deals ‘show Turkey’s hard-pressed mall operators becoming their own tenants’
Turkey’s benchmark rate held as concerns over faltering recovery come to fore
Turkish lira breaches HSBC’s stop-loss, Turkey ETF signalling outflows
CAUCASUS BLOG : What can Biden offer the Caucasus and Stans, all but forgotten about by Trump?
Armenia ‘to extend life of its 1970s Metsamor nuclear power plant after 2026’
OUTLOOK 2021 Armenia
OUTLOOK 2021 Azerbaijan
OUTLOOK 2021 Georgia
Iran’s President Khamenei menaces private citizen Trump
Iran’s technology minister indicted for failing to properly implement internet censorship
No US move to rejoin Iran nuclear deal imminent, say Biden national security nominees
TEHRAN BLOG: Will Biden bet on a quick return to the Iran nuclear deal?
Central Asia vaccination plans underwhelm, but governments look unruffled
Fears of authoritarianism as Kyrgyz populist wins landslide and backing for ‘Khanstitution’
COMMENT: Mongolia is an island of democracy
OUTLOOK 2021 Mongolia
Mongolia's PM quits amid protests over treatment of mother with coronavirus and newborn baby
Mongolia's winter dzud set to be one of most extreme on record says Red Cross
Tajikistan: Writing for the president is on the wall (and then scrubbed off)
OUTLOOK 2021 Turkmenistan
Turkmenistan: How the Grinch stole New Year
COMMENT: Uzbekistan is being transformed, but where are the democratic reforms?
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Foreigners’ share in Borsa Istanbul’s free-float fell to 49.82% at market close on July 7, Is Invest’s daily foreigners’ share bulletin showed on July 8.
It was the first time since June 2004 that foreigners’ share in the stock exchange fell below 50%.
“The [market] is only 50% owned by foreigners now, the lowest I can ever recall, but volume yesterday was $5bn, which tells you that Turkish retail punters are driving this [market] right now, which explains the volatility and the trading rotation with biduous moves in punters' favourites. There has been a 30% increase in the number of retail brokerage accounts in 2020, a fresh 350k new chancers looking to make a few lira because bonds have no yield and they're stuck at home on the computer. This ends badly at some point. Turkey that is,” Julian Rimmer of Investec wrote on July 8 in an emailed note to investors.
On July 6, Borsa Istanbul applied a temporary short selling ban on six foreign financial institutions because they failed to notify the authorities about short selling transactions on July 3.
The Turkish lira overnight interest rate in the London offshore swap market jumped over 60% following the short-sale ban.
On June 30, the Turkish Capital Markets Board (SPK) lifted a ban on short selling for the top 30 shares on the Istanbul Stock Exchange. The ban is still in place for other stocks.
On June 24, Morgan Stanley Capital International (MSCI) warned it might start a consultation process that could result in Turkey being removed from its Emerging Markets index and reclassified as a Frontier Market or Standalone Market due to the short-selling and stock lending bans in October 2019 and February 2020 respectively.
Turkey had a weighting in the MSCI emerging market index of nearly 2% at the end of 2014, but it has now shrunk to 0.4%.
“Having been warned by MSCI that its short-selling ban imperilled its status within the EM benchmark, Turkey suddenly lifted its ban [on BIST-30 components] but then took individual measures against the main players,” Rimmer wrote, following the latest short-sale ban on leading investment banks.
Authorities have already burnt bridges with foreign investors by drastically limiting their access to the currency and making it difficult from them to trade Turkish assets, Bloomberg noted.
On May 7, the banking watchdog BDDK briefly barred Citigroup, BNP Paribas and UBS from trading the lira altogether for four days until the ban was lifted on May 11, the news service recalled.
As a result, foreigners’ share in Turkish domestic government bonds fell to as low as 4.51% as of June 26 from 4.58% a week ago.
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