Benjamin Harvey News
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Turkey’s central bank cut its three main interest rates by more than economists expected, as it seeks to restrain capital inflows that strengthen the currency and hurt exporters. The lira fell to a 10-month low.
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Diageo Plc, the world’s largest distiller of alcoholic beverages, said it’s seeking common ground with the Turkish government after lawmakers submitted a bill to restrict alcohol sales in the country.
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Turkey paid its last loan installment to the International Monetary Fund after a 52-year relationship, a triumph for Prime Minister Recep Tayyip Erdogan as government debt falls even as private borrowing surges.
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Turkish inflation slowed more than expected in April to the lowest level in two years, boosting expectations of looser monetary policy and sending bond yields to new record lows.
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Turkey’s benchmark bond yields sank for a fifth day to a record as investors speculated the central bank would continue to lower interest rates.
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Turkey’s adjusted industrial production growth rose to 4.4 percent in February, beating expectations and signaling a pickup in economic activity after last year’s slump.
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Turkish Airlines staff will strike by May 23 if demands regarding pay and working hours aren’t met, according to the Hava-Is union, which says 212 jet orders in four weeks show the carrier has the means to improve conditions.
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Economists are split on whether Turkish monetary policy is looser or tighter after central bank Governor Erdem Basci cut one of his three interest rates while saying he’d use an experimental tool to manage liquidity.
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Turkey’s economy grew 1.4 percent in the fourth quarter last year, the slowest pace since a recession in 2009, as central bank efforts to cut the current-account deficit depressed domestic demand.
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The Turkish lira gained and bond yields fell after better-than-expected trade data eased concerns that the current-account deficit would expand rapidly as domestic demand rebounds.
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