Yarkin Cebeci News
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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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Banks from JPMorgan Chase & Co. to Morgan Stanley and Commerzbank AG are weighing the outlook for Turkey’s two-year note yield after it fell below 5 percent for the first time amid fading inflation concern.
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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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Turkish yields fell to the lowest level in more than two months and the lira declined after the central bank kept the benchmark rate at a record low of 6.25 percent for the sixth month.
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Turkey is in talks with Euroclear Bank SA to open trading in Turkish debt to international investors, Istanbul Stock Exchange Chairman Ibrahim Turhan said.
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Turkish company valuations at double those of peers augur another challenging year for mergers and acquisitions, leaving the country more dependent on so-called hot money to finance its current-account shortfall.
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Latvia’s economy expanded on an annual basis for the first time since the Baltic state was engulfed by the global financial crisis more than two years ago as the European Union’s toughest austerity measures pay off.
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Turkish central bank Governor Erdem Basci’s unexpectedly hawkish turn yesterday sent government note yields up by the most in almost two weeks even as he cut the benchmark interest rate for the first time in 16 months.
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When Turkish Central Bank Governor Durmus Yilmaz drove interest rates to a historic low last November, economists said he might keep them there for half a year. Seven months later, there’s no sign he plans to budge from the current 7 percent.
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The lira gained in Istanbul trading, indicating that the central bank has stabilized the currency’s value after selling a record amount of dollars in an auction last week.
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