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Turkey’s dollar bonds continued to tick higher across the curve, extending their rally since October. The move comes amid a more stable policy since the appointments of Hafize Gaye Erkan and Mehmet Simsek as the central bank governor and finance minister post-June this year. The central bank governor has hiked rates by 30% since President Erdogan’s re-election in May this year. This comes after Turkey witnessed unorthodox monetary policy last year with rate cuts amid rising inflation. Adding to the positives, last week, it was reported that Turkey’s stocks and bonds saw their first foreign inflows in six years. Separately, Bloomberg also reported that foreign investors had bought a net $891mn of its local lira-denominated notes last week, the biggest weekly buying since September 2020.