Turkey: shares, lira, foreign reserves hit records....

Short-term financial capital, or “hot money,” last week helped Turkey achieve a number of records:

Inflation fell to levels unheard of in the last 30 years in July;

the Istanbul Stock Exchange (İMKB) National 100 Index exceeded the 30,000 level for the first time;

central bank foreign currency reserves hit a record $42.9 billion at the end of July;

and the value of the Turkish lira rose to its highest level in 35 years.

But hot money also curbed Turkey's vital exports and boosted imports. As a result, the trade deficit widened and the current account deficit is also expected to break a record at the end of the year.

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