NEWS Finance        03/11/2020

Turkish Central Bank raises swap rate to further tighten liquidity

The Turkish Central Bank has today raised the interest rate in its lira swap operations by 150 basis points from 11.75% to 13.25% as part of its recent efforts to tighten liquidity in the monetary markets to help protect the Turkish lira.


The Bank had previously increased the swap rate from 10.25% to 11.75% on October 9th, following the increase in its one week repo policy interest rate by 200 basis points to 10.25% on September 24th. With this move, the swap rate,  now above the interest rate corridor, had in effect become the Bank’s overnight lending rate.   



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