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Turkish Central Bank Revives Bond-Buying Drive to Rein in Yields

TURKEY
  • The CBRT bought government bonds for the first time in more than a year in an attempt to drive down surging borrowing costs
  • a total of 300 million liras ($22.3 million) worth of bonds maturing in 2027 and 2028 were bought at an auction on Wednesday. The move comes after the yield on 10-year government debt rose to an all-time high of 24.88% on Monday.
  • While the bond purchases can help anchor yields, the prospect of more monetary stimulus threatens to further undermine the fragile outlook for inflation.
  • The CBRT’s securities portfolio can grow to 5% of assets, according to its annual monetary and exchange rate policy report published late last month. That means the central bank can buy a total 25.5 billion liras worth of bonds in 2022, after accounting for notes that are due to mature this year.
  • The CBRT currently has 74.1 billion liras of securities on its portfolio, equivalent to 4.4% of assets.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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