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Turkey hiked its benchmark policy rate by 750bp to 25%, much higher than forecasts of a 250bp hike and its highest level since 2019. The central bank, CBRT, said that rising oil prices and a deterioration in inflation expectations showed that inflation would end the year at the upper bound of its forecasts. However, it continued to note that “disinflation will be established in 2024”. The move saw its dollar bonds rally over 1.0-1.5 points across the curve, alongside the Lira that was up over 5%.
Turkey’s 9.375% 2033s that were issued in January this year, jumped by 1.5 points to 104.3, yielding 8.7%.
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