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The Turkish lira received a significant boost as the AK Party came out comfortable winners in parliamentary elections this week.
The lira advanced 2.2% at 1.7191 against the euro, and closed up 2.2% against the dollar at 1.2440.
The victory of the business-friendly, Islamist party brings some much needed stability to the burgeoning nation.
The IMKB-100 stock index closed at 55,625.44 points, up 5%. This sharp rise added to what has been a very good year for the index, which has added 42% already this year.
The AK Party won the elections with a significant 47% of the vote, but not enough to automatically secure its own choice of president. The upcoming vote on that issue, as well as the fast-strengthening nation’s eligibility to join the European Union, will do much to decide Turkey’s economic future.
However, the strength of the pro-business party’s victory is encouraging news as the country’s political and economic future hangs in the balance.
12:57
Posted on Jul-19-2007
