Turkey's stock market becomes best investment
Buying shares was the most profitable investment for Turks in January as the stock index surged and the lira gained, official data showed.
The main BIST 100 returned 3.36 percent during the month, after subtracting the erosive effects of consumer price inflation, the Turkish Statistical Institute said on Friday. Local bonds were the second-most profitable investment, returning 2.58 percent, it said.
Investment in Turkish stocks and bonds is becoming more profitable, pulling in money from local and foreign investors, after the lira reversed losses of 28 percent in 2018, inflation slowed and the central bank vowed to maintain its benchmark interest rate at a 15-year high of 24 percent.
The euro would have provided a profit of 0.31 percent during January, net of inflation, while the dollar lost 0.04 percent, the institute said. Bank savings accounts returned 0.42 percent, it said.
Over a three-month period, local bonds provided the highest profit of 15.51 percent, while the euro was the biggest loser with a negative 7.9 percent.
Despite losses for the dollar in January, the currency was the top investment over 12 months, providing a net profit after inflation of 18.22 percent, the institute said. The BIST 100 lost investors 31.74 percent.