Istanbul drops 12 places in global financial centers index amid uncertainties
LONDONIn a leading index of global financial centers Istanbul has fallen 12 places to 57th, mainly due to uncertainties.
Istanbul ranked 47th with a rating of 653 in the 18th version, announced in September 2015.
“Political uncertainty and proximity to military conflict no doubt contribute to this decline,” said the index, which was published on Sept. 26.
Some Eastern European and Central Asian centers, where Istanbul is located, prosper while others struggle, according to the list.
“Warsaw, Tallinn and Riga are now the leaders in this region. Istanbul, Moscow, St Petersburg and Athens continue to languish. Turkey and Russia are both involved in armed conflict. Although geographically removed from the fighting, the financial centers in these countries are clearly affected by the uncertainty this creates,” said the index.
The survey looked at competitiveness, business environment, infrastructure, and responses to questionnaires from people working in financial services.
London remains atop in the list, just ahead of New York, followed by Singapore and Hong Kong.
Z/Yen said the Brexit referendum result was not reflected as it was based on data to the end of June 2016, just after the June 23 vote.
Apart from London, Zurich is the only other European financial center in the Z/Yen top 10, in ninth place.
Elsewhere in the top 10, Tokyo is in fifth place, followed by San Francisco, Boston and Chicago, with Washington in 10th place.