Turkey Assets in World-Topping Relief Rally on Simsek, Rate Cut
- Borsa Istanbul 100 Index rises 3.5%, most in the world
- Lira rises as much as 1.8%, erasing losses of as much as 0.6%
This article is for subscribers only.
Turkish stocks and the lira rose the most in the world and bonds rallied after the central bank cut a key interest rate, hours after the last member of a team credited with the nation’s economic boom years survived a cabinet reshuffle.
The Borsa Istanbul 100 Index jumped 3.5 percent after the central bank reduced the overnight-lending rate by 50 basis points, matching the median estimate of 18 analysts surveyed by Bloomberg. The decision came hours after Mehmet Simsek was named deputy prime minister. The lira climbed 1.7 percent against the dollar and was the best-performing major world currency. Government bond yields fell the most since November.