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.   



Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       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 decreases to 71.60% in June 2024       Turkey’s official unemployment rate is 8.4% in May 2024       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164 billion as of yearend 2023       Turkey’s economy grew 4.5% in 2023       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45 billion in 2023