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Turkish Yields Fall 3rd Day as July Inflation Meets Expectations

Turkish benchmark bond yields declined for a third day to the lowest in almost a month after inflation data in July met expectations. The lira dropped.

Yields on two-year benchmark bonds retreated seven basis points to 8.77 percent at the 5 p.m. close in Istanbul, the lowest level since July 9. The lira depreciated 0.4 percent to 1.9327 per dollar.

Consumer price gains rose to 8.9 percent, the fastest since September and in line with the median estimate in a Bloomberg survey of nine economists. The two-year break-even rate, which measures the difference between inflation-protected and non-index linked bonds, fell 18 basis points to 6.01 percent.

“Demand is not very strong and expectations are reasonable,” Ercan Erguzel, an economist at Denizbank AS in Istanbul, wrote in e-mailed comments. “Looking at these factors, I expect inflation to somewhat decline.”

Turkey’s central bank revised its year-end inflation forecast last week to 6.2 percent from 5.3 percent, citing volatility in the lira and rising energy import costs. It tightened monetary policy on July 23 by raising the upper end of its so-called interest rates corridor to curb the volatility in the lira.

The central bank has sold $7 billion in foreign exchange auctions since June 11 to support the currency.

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