CAN THE TURKS REVIVE THEIR CAPITAL MARKETS?
In Istanbul, the commercial and financial hub of the Turkish Republic, the locals have a saying: while the capital, Ankara, proposes, Istanbul interprets — in its own way. This year, if the bankers of Istanbul have their way, the Turkish capital market will get the missing ingredient that many believe has impeded a more active market — the development of a large, liquid money market with the kind of instruments and innovations now much is vogue in the mainstream of financial development in other European centres.
“A capital market cannot work unless you have liquid money markets,” said Vural Akisik, managing director of Interbank, Turkey’s International Bank for industry and commerce.
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