July 25, 2019 / 12:06 PM / 2 months ago

Turkey dollar bonds rally after central banks slashes interest rates

LONDON, July 25 (Reuters) - Dollar-denominated bonds issued by Turkey’s government surged on Thursday after the central bank cut rates more than expected.

The 2040 issue jumped more than 1 cents in the dollar to the highest level since early February, according to Tradeweb data.

The bank cut its key interest rate by 425 basis points to 19.75% on Thursday in a bid to revive its ravaged economy. (Reporting By Tom Arnold, editing by Karin Strohecker)

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