Markets weigh changing environmen­t

Dünya Executive - - REPORT - Murat BASBOGA

Turkey held a historic referendum on Sunday to vote on constituti­onal amendments that will introduce an executive presidenti­al system of government. The “yes” camp, led by the ruling AK Party, won the vote by a narrow margin of 51.4 percent, below the party’s hope for a stronger mandate of 55 percent of the vote. The switch to an executive presidency will not be immediate, occurring after the next election. Financial markets saw a short-term rally, despite obstacles for the Turkish economy. Analysts also tried to look at the outcome of referendum from the perspectiv­e of structural reforms and changed their firms’ exposure recommenda­tions. Are there concerns about the longer term impact of the erosion of checks and balances within the political system? How would the business environmen­t and financial markets be effected?

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