Turkey’s construction boom: A blessing or a curse?
Concerned over deepening financial woes, Turkey’s Central Bank held a closed-door internal workshop Feb. 20 to discuss the real sector’s foreign-currency debt and related risks, Al-Monitor has learned. A document presented at the workshop and made available to Al-Monitor by a senior bureaucrat who attended the gathering underscores that “the exchange-rate risk of real sector companies is significant and the natural and financial safeguards against this risk are limited.” According to the document, the real sector’s debt stock has reached $347 billion, or about 50% of gross domestic product (GDP).
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