Overnight TL Interest Rise to 280% in London Swap Markets

Overnight TL Interest Rise to 280% in London Swap Markets. The level, which was recorded as 6.8% on the last full trading day on July 29, reached 280%. Overnight TL interest rates in the London swap market became the focus after Turkish banks stopped the flow of lira in London markets after a sharp rise to 1200% in April 2019. After this step, the Banking Regulation and Supervision Agency (BRSA) restricted money swaps, forward, options and other derivative transactions to the banks' legal equities, and their trading volumes in these markets were almost zero. Overnight TL swap interest was following a horizontal trend in general, although it increased from time to time after rising to 1200% in 2019.