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Turkey has eased bank regulations wherein they were forced to buy government bonds related to credit growth targets. The central bank CBRT, has scrapped the policy now and has cut the securities maintenance ratio to 1% from 4%. The forced bond-buying measure was put in place when it was difficult to raise rates given the policy by the President of keeping rates at low levels. The policy was meant to support the conversion of foreign currency deposits to lira deposits. The CBRT had then eased securities maintenance regulations in October 2023 in an effort to revert to conventional monetary policy.
Turkey’s dollar bonds were trading stable with its 5.875% 2031s at 92.4, yielding 7.25%.
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