December 29, 2001	Saturday	Shawwal 13, 1422

ISTANBUL, Dec 28: Turkish stocks and bonds rose on Saturday while the lira traded narrowly as optimism for crisis-hit banks and international support for Turkey’s economic programme bolstered investor confidence, brokers said.

Turkish markets have risen in recent days as new bank data indicated the sector was recovering from February’s financial crisis and the government said it would pass by January 15 economic reforms key to IMF lending.

The lira edged down marginally to bids of 1,445,000 to the dollar on the interbank market while bonds strengthened to yields of 70.83 per cent on the busiest paper maturing on July 10, 2002 from Thursday’s 71.62 per cent.

Prime Minister Bulent Ecevit is due in Washington on January 16 for talks with US President George Bush. Turkey and the IMF are expected to sign a new three-year standby accord worth $10 billion shortly afterwards providing key reforms on privatization and public procurement are passed.

The last IMF announcements show they intend to give us more support. If there’s a positive result from Ecevit’s meetings with the US president, the market should continue its upward trend, said Kerem Gorken at Ata Investment in Istanbul.

The two leaders will discuss foreign trade arrangements and Turkish requests to increase quotas for textile exports to the US as well as economic reforms. Foreign Minister Ismail Cem and Economy Minister Kemal Dervis will accompany Ecevit.—Reuters