Baku. 23 December. REPORT.AZ/ The biggest problem for Turkey in 2016 may be inability to attract sufficient foreign capital. In this case, the Turkish lira will be a subject to further devaluation than expected. Report informs, former head of the Central Bank of Turkey, Durmush Yilmaz said.
According to him, with an increase in the US Federal Reserve (Fed) rate key financial markets of developing countries are losing their attractiveness, began outflow of capital from these countries, which are projected to intensify in 2016.
According to D.Yilmaz, due to lack of infusion of foreign capital to Turkey in 2016, GDP growth will stop, and the Turkish Lira will undergo devaluation.Former chief banker said that Turkey should repay foreign debt of 165 bln USD next year, and with the present current account deficit financing needs of the country reached 210 bln USD.GDP of Turkey on January 1, 2015 amounted to 799 bln USD, ie in the next year there will be a need for capital in the amount of 25% of the Turkish economy.
D.Yylmaz noted that in 2015 the direct and indirect investments in the Turkish economy declined, and in the case of continuation of this trend in 2016 GDP growth is not expected.It should be noted that the growth of the Turkish economy in the III quarter of 2015 exceeded the forecast of 4%.
In the first 9 months, an increase of 3.4% observed.From the beginning, the Turkish lira has undergone a 26% devaluation and today the rate is 2,93 TRY / USD.Lack of capital in financial markets and the ongoing crisis could lead to an increase in up to 3,80-4,00 TRY / USD in 2016.