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.


Turkey’s net minimum wage has been raised 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021