TURKEY INSIGHT: Awesome, surreal!
On some days not a single transaction occurs even with Turkey's benchmark government bonds since the government has spooked private investors to lower interest rates.
By Akin Nazli in Belgrade August 1, 2019
In terms of surrealism in global finance, Turkey must have a fair claim to the lead with the OFFICIAL (yes please, note the upper case letters) inflation data from the country’s TUIK statistical institute currently indicating tempting real returns on Turkish lira (TRY) bonds and the central bank (even quicker nowadays to answer the direct-line phone when the monetary masterminds in the Erdogan administration choose to make a call) almost certainly set to cut its policy rate further across the remainder of the year in the dash for another dose of short-term growth that distracts from the longer-term reckoning.
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