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Mystery Money Flows Help Turkey Finance Widening Foreign Gap

  • So-called net errors and omissions at record high in July
  • Unexplained cash finances two-thirds of current-account gap
Tourists and locals inside the Grand Bazaar in Istanbul, Turkey. Photographer: Moe Zoyari/Bloomberg

Tourists and locals inside the Grand Bazaar in Istanbul, Turkey. Photographer: Moe Zoyari/Bloomberg

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Mystery capital flows into Turkey have reached new highs, allowing policy makers to boost foreign reserves despite a growing trade deficit and weak demand for lira assets.