Lira Rises as Turkey Bonds Extend Gains After Interest-Rate Cut
- Central bank cuts overnight-lending rate by 25 basis points
- Yield on nation’s ten-year lira bonds falls to July 15 low
Where Next for EM Currencies and the Lira?
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Turkey’s currency rose and its bonds, among the highest-yielding in emerging markets, extended their advance after the central bank cut a key interest rate for a seventh straight month amid demand for risky assets.
The lira climbed 0.5 percent as of 5:09 p.m. in Istanbul and the yield on 10-year government lira bonds fell 31 basis points, the most among 27 emerging markets tracked by Bloomberg. The bank lowered the overnight-lending rate 25 basis points to 8.25 percent, matching analyst expectations.