Asia Unhedged | Turkish lira continues rally as central bank tightens
An exchange office worker counts Turkish lira banknotes. Photo: AFP, Ozan Kose
An exchange office worker counts Turkish lira banknotes. Photo: AFP, Ozan Kose
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Turkish lira continues rally as central bank tightens

The currency led EMs this week and gets another boost from higher yields

March 17, 2017 8:06 PM (UTC+8)

The Turkish central bank increased the late liquidity window by 75 bps late on Thursday, and announced it would flow through to higher funding costs Friday morning. After the lira saw gains of 4.2% in three days, the latest developments will only support the rally, as yields jump to over 11%.

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