Turkey's Central Bank again raises lira swap sale for non-matured transactions
Turkey's Central Bank on Thursday increased the transaction limit of total swap sales which have not matured in the Turkish lira currency swap market.
The Central Bank of the Republic of Turkey raised its total lira swap sale limit to 30 percent from 20 percent for swap transactions that have not matured, in a move aimed at increasing the forex reserves of the bank, bankers said.
The bank had raised the limit to 20 percent on Monday from 10 percent beforehand.
The bank uses the Turkish lira currency swap market to increase the efficiency in forex liquidity management.
London lira overnight swap rate jumped to 1,200 percent Wednesday from 330 percent on Tuesday and 24 percent just last week. The weekly rate jumped to 200 percent from last week's 22 percent.