Turkish banks surged to a record after the country’s central bank surprised investors with a massive interest-rate hike, sending a strong signal about its promise to return to orthodox policies.
The Borsa Istanbul Banks Index climbed as much as 9.7%, the most in three months, after Turkey hoisted its benchmark rate by 750 basis points — three times more than most economists expected.
The bank rally is fueled by renewed “prospects for policy normalization,” said Cagdas Dogan, research director of Istanbul-based Tera Yatirim. The cost of insuring the sovereign against default has also declined, while the lira currency bounced higher on the news.
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