FUNDS FIND REFUGE IN TURKEY

The uprisings which ignited in Tunisia at the start of the year and then leaped to Egypt, Libya, Yemen, Bahrain and most recently Syria, have resulted in the entry of billions of dollars worth of foreign currency into Turkey.
Businessmen from these countries are bringing their money to Turkey, which is fast becoming considered a safe haven for funds, even by Europeans. With the petroleum producing countries of the Gulf at the forefront, the combined amount of foreign currency which has entered Turkey surpasses five billion dollars.

According to figures released by the Central Bank yesterday, for the January to February period of this year alone, the amount of unsourced foreign currency which entered the country at five billion, 502 million has surpassed last year's total figure of four billion, 775 million dollars.

NET INVESTMENTS INCREASE
Meanwhile the current account deficit in February increased by 126.7 percent reaching a total of 6.127 billion dollars. For the combined January - February period, the current account deficit was realized at 12.073 billion dollars.
According to Central Bank data, in February of 2010, the current account deficit was 2.703 billion dollars, while for the January to February period of last year, the combined total current deficit reached 5.758 billion dollars. The current deficit for February was anticipated to be 6.2 billion dollars. Net investments made nationally by residents from outside of the country increased by four percent to reach a total of 1.012 billion dollars.

FUNDS SEE NO LIMIT
There is debate regarding how this amount of money was brought into Turkey without bringing the banking system into effect. However similar instances in past periods have shown the possibility of unidentified money finding its way in from outside of the country.