Istanbul less attractive as financial center index shows
Istanbul has fallen nine places to 66th in the Global Financial Centers Index from 57th a year ago. Continued violence and political uncertainty have affected confidence in Turkey’s biggest city, the report said last week. Five of the top six eastern European centers rose in the ratings. “Istanbul is really suffering at the moment. Terrorism, proximity to a war zone and an authoritarian president are all viewed badly by the finance industry,” said one asset manager based in Dubai. The top five financial centers remained unchanged, with London holding onto the number one spot, followed by New York, Singapore, Hong Kong and Tokyo.