After the devastating earthquakes on February 8, the Turkish Stock Exchange suspended trading until the evening of February 14 for the first time in 24 years to avoid panic dumping in Turkish stocks. NTV.
Borsa İstanbul made a statement after the stock market was stopped twice by an automatic system, and said, “Our Exchange has decided to stop trading stocks, futures and options.”
According to The Guardian, foreign investors’ confidence in the Turkish economy dwindled even before the earthquake, when Erdogan said he would not raise interest rates to combat runaway inflation. The expected inflation rate at the end of 2023 is 43.2%, twice the level predicted by the Turkish Ministry of Finance.
Insurance analyst Shabbir Ansari estimates that the damage caused by the earthquakes to the Turkish economy is $1 billion.
It was previously reported that an earthquake with a magnitude of 7.7 occurred in Turkey on the morning of February 6, 2023. There were also tremors in Syria, Iraq and Libya. it happened registered about 700 aftershocks.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.