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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessCentral Bank Sell TRY-Settled Forwards, in Second Session of Curbing FX Appetite
- The CBRT have sold $426mln of TRY-settled FX forward - the second such sale of this week.
- We noted yesterday that the CBRT's $475mln sale was the first since July last year - which comes alongside the CBRT putting in calls to commercial lenders to attempt to cap hard currency demand by re-imposing limits on interbank FX buys. Bloomberg estimate the cumulative impact of the measures as equivalent of a 230bps rate hike (would put the effective rate at 47.3%).
- Other measures adopted include a request from authorities for banks not to trade in forward contracts with a tenor under three months - according to Bloomberg sources.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.