In Iran if I am not mistaken
The difference is probably that Turkey is a democracy and a market economy, a convertible currency with a free-floating rate (not pegged), no hindrance to foreign capital, no problems in conversion to local currency and back, and no capital gains tax if you hold to maturity. And an IMF program, as well as a rather important geopolitical position these days, prompting quite a bit of good will, support, and of course monetary aid from America.
I bought into Turkish t-bills when the rates spiked to 59% about three weeks ago (currently at about 57.5%). During the same period, USD fell by about 2% against TRL. So we are up more than 5% in USD terms. The market is quite liquid as well.
Last year's inflation rate was 30%, while TRL depreciated only 14% against the USD. This year, the target was 25% inflation, but with the realities of war, higher oil prices, etc it will probably be 35%. So I expect a serious USD (and real) return on these t-bills.
If you are interested, I could send you some stuff tomorrow.
(Off to yoga now :-) |
