For nearly two decades, Dominic Bokor-Ingram, a London-based senior portfolio manager for frontier markets at Fiera Capital, has been investing in and out of Turkish equity markets. But over the past four weeks he sold everything – about $35 million worth of Turkish assets, which represented about 7% of the firm’s Eastern Europe fund.

Bokor-Ingram says he simply no longer sees a way to manage the currency risk on the lira-denominated assets.

He used to be able to hedge by selling the lira