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Bond Market News
Turkey Hikes Rates by 500bp to 30%
September 22, 2023
Turkey hiked its policy rate yesterday for a fourth consecutive time, by 500bp to 30% in a move to keep a lid on inflation. Turkey’s inflation is currently at 59% and the central bank (CBRT) said that it plans to proceed “in a timely and gradual manner until a significant improvement in the inflation outlook is achieved”. The rate hike was in-line with forecasts. CBRT also said that it is determined to “establish the disinflation course in 2024” indicating possible rate hikes in the future. Under the new central bank governor Hafize Gaye Erkan’s appointment in June, the CBRT has resorted to hiking rates despite President Erdogan’s policy of wanting rates to remain low.
Turkey’s dollar bonds were trading slightly weaker – its 6.5% 2033s were down 0.4 points to 86.83, yielding 8.48%.
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