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Turkey Rates Decision Lira-Positive, JPMorgan Says

The lira may strengthen while government debt maturing in one year or less might decline after Turkey’s central bank said it could tighten monetary policy to pare inflation, JPMorgan Chase & Co. said.

Today’s announcement by the central bank that it may lend toward the upper end of its rates corridor of 5.75 percent to 11.5 percent more often is “clearly positive for the currency but could hurt short-term Treasury bills,” Yarkin Cebeci, economist for the region at JPMorgan in Istanbul, said in an e-mailed report to clients today.

“We would expect the effective funding rate to remain above the 8 percent mark even on normal days while the central bank is expected to get even more sensitive to the currency movements and is likely to start additional monetary tightening whenever the lira starts under-performing,” Cebeci said.

Yields on benchmark bonds maturing in two years rose 5 basis points to 9.47 percent at 4:28 p.m. in Istanbul.

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