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Turkey welcomes back foreign cash, no questions asked

Scrambling to ease a bruising hard currency crunch, the Turkish government has enacted a wealth amnesty bill that opens the door to the repatriation of shadowy money from abroad.
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The Turkish economy is in the grips of serious turmoil as the country heads to early presidential and parliamentary polls next month. The government is hard-pressed to contain the woes, especially the ongoing slump of the Turkish lira and skyrocketing foreign exchange prices. In an apparent sign of desperation, the government last week introduced a controversial incentive for capital repatriation from abroad, which is effectively opening the door to illicit money.

Turkey’s 7.4% economic growth last year relied largely on government incentives that put further strains on the budget. As a result, the country, fraught with a double-digit inflation and a high unemployment rate, also faces a significant public deficit atop a giant current account gap.

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