Turkey's CDS tumbles to 20-month low, Minister Albayrak says

Turkey's credit default swaps (CDS) dropped to 267 points, the lowest level since May 2018, Treasury and Finance Minister Berat Albayrak said Monday.

In a post on his Twitter account, Albayrak said, "Since August 2018, when we experienced a currency attack, we have seen an improvement of 320 points," referring to the country's risk premiums.

The performance displayed by the economy in 2019 has increased the confidence in our country, Albayrak said, adding that the government aims to move this forward in 2020.

The country's two-year bond yields also fell to 10.72%, seeing the lowest level since Jan. 6, 2017.

The two-year bond yields fell by 1,755 basis points from 28.27 points – a level the markets last hit in September 2018.

"The recovery we have provided in the fight against inflation and market expectations has been the architect in the process," Albayrak said.

The development comes as Borsa Istanbul's benchmark stock index BIST 100 reached 120,899 points in the afternoon trading, the highest level in two years.