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Turkish Bond Yields Decline, Lira Gains as Core Inflation Slows

Turkish yields dropped for the first time in three days and the lira strengthened as core inflation slowed in December.

Yields on the two-year benchmark note fell six basis points, or 0.06 percentage point, to 11.42 percent at 10:51 a.m., according to the RBS Istanbul Benchmark Bond Index. The lira appreciated 0.3 percent to 1.8896 per dollar.

Core inflation declined to 8.1 percent last month from 8.2 percent in November, the statistics agency in Ankara said on its website today.

“I see core inflation as a positive development,” Tatha Ghose, senior emerging market economist at Commerzbank AG in London, said in e-mailed comments. “The stabilization in core-CPI will likely be the development the markets talk about until the next release and this is positive at the margin.”

The headline inflation rate rose to the highest in three years to 10.5 percent in December from 9.5 percent in the previous month, the agency said. It remains above the year-end target of 5.5 percent and topped the 10.1 percent median estimate of seven economists in a Bloomberg survey.

Inflation has surged from 4.3 percent in April. Central bank Governor Erdem Basci is pursuing a flexible monetary policy to help manage volatile capital flows. Basci said yesterday the bank applied “additional tightening” last week after the lira fell to a record low against the dollar, extending its drop to 18 percent in 2011.

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