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Turkish ETF Inflows Post Three-Year High as Lira Appreciates

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A Turkish exchange-traded fund recorded a three-year high in terms of inflows last week as the country’s currency posted its highest climb in decades, Bloomberg reported.

The iShares MSCI Turkey ETF saw $25 million inflows on December 20, marking the highest daily inflows since August 2018, based on Bloomberg data. This follows the government’s announcement regarding the lira.

Analysts have yet to find a consensus on whether the decline of the lira provides market opportunities, as it is uncertain whether brokers are creating the fund for bearish traders.

Analysts believe there is a need to create new shares of the ETF if investors want to short it, and market players are searching for shares of Turkish stocks the ETF owns.

The lira has depreciated over 20% versus its US counterpart since September, with the central bank lowering borrowing costs due to the inflation uptick. TUR is down 4.65%.

 

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