Markets

Turkish lira firms after IMF backs tighter monetary policy stance

Published November 28, 2013 Updated November 28, 2013 05:05pm

1 min

By Imad Uddin

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ISTANBUL: The Turkish lira firmed on Thursday after the IMF backed the central bank's moves to signal more tightening of day-to-day monetary policy but called for more steps to guard against capital outflows.

Additional monetary tightening on Thursday lent support to the lira which firmed to 2.0146 by 1533 GMT on Thursday from 2.0227 late on Wednesday.

Istanbul's main stock index closed down 0.31 percent at 74,661.59 points. It underperformed the emerging market index, which rose 0.4 percent.

The yield on Turkey's 10-year benchmark bond fell to 9.38 percent from 9.43 percent at Wednesday's close.

Volumes were light because U.S. markets will be shut for the Thanksgiving holiday.

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