Turkey ETF Rebounds as Ankara, Washington End Visa Dispute

Turkish stocks and country-specific ETF strengthened Thursday after the U.S. and Turkey lifted all visa restrictions, ending months-long dispute over diplomatic duties.

The iShares MSCI Turkey ETF (NYSEArca: TUR) gained 3.2% Thursday. TUR has increased 33.3% year-to-date.

The U.S. and Turkey resumed normal visa operations Thursday after Washington said Ankara assured no further U.S. mission staff would be troubled over performing official duties, which followed two detentions that started the friction earlier this year, Reuters reports.

“Based on adherence to these assurances, the Department of State is confident that the security posture has improved sufficiently to allow for the full resumption of visa services in Turkey,” the U.S. Embassy in Ankara said Thursday.

Turkey, though, denied any such assurances since two local employees of the U.S. consulate in Istanbul were held on suspicion of ties to last year’s failed coup against President Tayyip Erdogan.

“We don’t find it proper that the U.S. claims it’s received assurances from Turkey and is misinforming the public, despite the fact that we’ve drawn attention to the issue before,” Turkey’s Embassy in Washington said. “Turkey is a state of law, and our government has given no assurances with regards to ongoing judicial processes.”