Turkey’s banks have taken advantage of a large-scale government stimulus programme aimed at restarting the recently flailing economy, but both analysts and senior bankers say there are still obstacles to navigate as the country recovers from a year of political turmoil.
Since a failed coup attempt almost succeeded in ousting president Recep Tayyip Erdoğan’s government in July 2016, Turkey has experienced a widespread post-coup purge, the imposition of a state of emergency, and a hard-fought constitutional referendum campaign. The extent of the post-coup purges, which have seen more than 50,000 people arrested and hundreds of businesses seized in the past year, has shaken the confidence on which the economy is built.
