Turkey paid its last loan installment to the International Monetary Fund after a 52-year relationship, a triumph for Prime Minister Recep Tayyip Erdogan as government debt falls even as private borrowing surges.
U.S. President Barack Obama travels to Europe next month to start formal negotiations on a trading bloc that would dwarf any the world has seen. He should look for ways to integrate Turkey into this new order.
Islamic bond sales in Turkey may double to $3 billion this year as companies join the government in accessing Shariah-compliant investors, according to HSBC Holdings Plc, the world’s biggest underwriter of sukuk.
Prime Minister Recep Tayyip Erdogan took a step toward making Turkey’s financial capital a regional hub, relegating the Istanbul Stock Exchange to history as he rang the opening bell at the new Borsa Istanbul.