Market Unconvinced as Turkey Central Bank Pitches Its ‘Road Map’
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Investors sold Turkish assets, sending the lira to a record low, after the nation’s central bank published a “road map” of measures it said would prepare the country for the normalization of global monetary policy.
The list of nine technical adjustments fell short of investor expectations that Turkey’s central bank would be moving toward simplifying its monetary policy framework, one of the world’s most complex. The lira fell as much as 1.3 percent to a record 2.9066 per dollar, while yields on two-year government debt surged to the highest in more than a year at 10.68 percent.