Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Turkish Yields Rise to Highest in 9 Weeks on Tightening Signal

Turkey’s benchmark bond yields rose to the their highest in nine weeks after the central bank said it would raise overnight interest rates between banks to 7.75 percent.

The yield on two-year notes climbed 23 basis points, or 0.23 percentage point, to 9.01 percent at 3 p.m. in Istanbul, the highest level since Sept. 13 on a closing basis. The lira was little changed at 2.0108 against dollar.

The central bank decided to stop monthly repurchase auctions to reduce the volatility of short-term money market rates, according to a statement on its website yesterday. It said in a statement today this would converge interbank money market rates to around 7.75 percent, which takes cumulative tightening to “around 350 basis points” since May. The bank said it would maintain “cautious monetary policy until the inflation outlook is in line with medium-term targets.”

“It appears that the central bank determines inflation as the main goal,” Ugur Kucuk, a fixed-income strategist at Is Securities Investment, said in e-mailed comments. The central bank’s statement to raise overnight rates to 7.75 percent “is negative for short- and medium-term interest rates.”

The central bank’s Monetary Policy Committee maintained the overnight lending and borrowing rates, the upper and lower ends of the interest-rate corridor, at 7.75 percent and 3.5 percent at it meeting yesterday.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.