Portfolio Investments in Turkey

Istanbul Stock Exchange

Portfolio Investments in Turkey

Turkey has one of the most liberal foreign exchange regimes in the world, with a fully convertible currency as well as a policy that allows foreign institutional and individual investments in securities listed on the ISE since 1989. There are no restrictions on foreign portfolio investors trading in the Turkish securities markets. Decree No. 32 passed in August 1989, removes all restrictions on overseas institutional and individual investment in securities listed on the Istanbul Stock Exchange. Hence, the Turkish stock and bond markets are open to foreign investors, without any restrictions on the repatriation of capital and profits. Decree No. 32 also allows Turkish citizens to buy foreign securities.

Monthly equity investments owned by foreign investors in the Stock Market are as follows:

Equity Investments by

Foreign Investors (Million USD)

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	January	February	March	April	May	June	July	August	September	October	November	December
1995	---	---	---	---	---	---	---	---	---	---	---	1,936
1996	2,457	2,849	3,029	2,736	2,489	2,965	2,617	2,551	2,790	2,926	3,165	3,085
1997	4,655	4,564	3,997	3,577	3,793	4,456	4,728	4,938	5,970	5,881	5,465	6,018
1998	5,718	5,296	5,373	6,864	5,765	6,095	6,589	3,845	3,200	3,068	3,668	3,700
1999	3,429	5,196	5,554	6,741	5,853	5,555	6,603	5,555	7,001	7,362	8,920	15,358
2000	14,597	13,362	12,734	15,046	11,390	11,338	11,999	11,188	9,503	10,645	8,079	7,404
2001	8,636	5,331	4,009	5,725	4,863	4,796	3,938	3,949	2,988	3,742	4,580	5,635
2002	5,812	4,719	5,430	5,370	4,313	3,716	3,643	3,413	3,124	3,657	4,533	3,450
2003	3,769	4,108	3,033	3,914	4,270	4,323	4,237	4,945	5,770	6,810	6,693	8,954
2004	8,683	9,645	10,813	8,836	8,192	9,074	9,189	9,943	11,505	12,264	12,949	16,141
2005	18,887	20,282

Stock Market Transactions Realized on Behalf and Account of Foreign Banks/Brokerage Houses or Individuals