NEWS Finance        09/10/2020

Turkish Central Bank raises swap rate to 11.75%

The Turkish Central Bank has raised the Turkish lira rate for swap transactions by 150 basis points to 11.75% as part of its new tightening policy strategy. The Bank had raised the official one week repo policy interest rate by 200 basis points to 10.25% on September 24th to support the weakening Turkish lira.

 

Swaps now have a bigger share in the Central Bank’s funding composition than repo and other open market transactions, and the hike is a reflection of the rising cost of funding in the repo to swap market.

 



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