CBRT matches TRY swap rate to policy rate after MPC

Following the MPC decision, the Central Bank raised the policy rate by 200 basis points; TRY interest rate used in USDTRY swap auctions increased from 17% to 19%.

Following the MPC decision, the Central Bank raised the policy rate by 200 basis points; TRY interest rate used in USDTRY swap auctions increased from 17% to 19%. In the period when the policy rate was ineffective, the swap rate, which was equal to the late liquidity lending rate, was re-equalized to the policy rate on November 20 and was established as 15%. In the December MPC, the Central Bank increased its policy rate to 17%.

 

CBRT-sided swap transactions rose to 46 billion USD as of mid-March. Although TRY swap interest rates are more stable abroad after January, they have reduced the difference with domestic interest rates. Previously, swap limits with foreigners were lowered to levels of 1%, 2% and 10% for weekly, monthly and annual terms, respectively, to prevent currency attacks. Within the scope of the normalization steps, the BRSA increased the swap limits in weekly, monthly and annual terms to 5%, 10% and 30%, respectively, in November.

 

 

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