Turkey Swaps Rise to Highest Since 2009 as Inflation Exceeds 10%

The cost of exchanging lira payments for dollar payments in the next one year rose to the highest level since 2009 after the country’s inflation rate surpassed 10 percent for the first time in three years.

Turkey’s one-year cross currency swaps rose for a sixth day, adding 62 basis points, or 0.62 percentage point today, to 9.49 percent at 3:47 p.m. in Istanbul, the highest level since July 2009.

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