November 20, 2018 / 12:19 PM / a month ago

Turkey dollar-bonds fall after Erdogan, Albayrak say interest rates falling

LONDON, Nov 20 (Reuters) - Turkey’s sovereign dollar bonds tumbled on Tuesday after both President Tayyip Erdogan and his son-in-law Finance Minister Berat Albayrak said interest rates were on the way down.

Longer-dated issues have been hardest hit, with the 2045 issue falling more than 1.5 cents - the steepest daily fall since early October, according to Tradeweb data.

The lira has tumbled nearly 30 percent against the dollar this year while inflation has soared to more than 25 percent, sparking concern among investors over persistently high price pressures.

Reporting by Karin Strohecker Editing by Jamie McGeever

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