Turkey: now no one’s at the helm

Last Sunday’s inconclusive election gives investors in Turkey something new to worry about.

Investors have long been worried about"a strongman at the helm of Turkey", says James Mackintosh in the Financial Times. But following last Sunday's inconclusive election, they have been given "something new to worry about: no one at the helm at all".

Last Monday, the Turkish stockmarket lost 5% and the Turkish lira slipped by a similar amount, its worst day since the Lehman Brothers collapse in 2008. The currency has now fallen by around 15% against the US dollar this year and is trading at a record low of 2.8 to the greenback. It has fallen by 60% since 2008.

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Andrew Van Sickle
Editor, MoneyWeek

Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.

After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.

His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.

Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.