An old Turkish proverb has it that patience is bitter, but it bears sweet fruit. Judging by the events of the past few months, foreign investors seem to have decided not to put up with the bitter part. But in Turkey, bankers and other businesspeople warn that those who are intimidated by the current turbulence might miss a unique opportunity to grab the sweet profits that are waiting on the other side.
Since last May, when the US Federal Reserve announced its intention to taper its quantitative easing programme, the Turkish lira has fallen by around 30%, the MSCI Turkey index has slipped over 40% and government and corporate bonds have repriced higher by between 100 and 150 basis points.
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