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EGB Supply For W/C May 16, 2022 (1/2)


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TURKISH LIRA: Incline in USD/TRY continues, with USD/TRY topping out today at
7.0969, the highest level since 2018's TRY crisis in which the USD/TRY touched
- Moves today follow general risk off and as the Turkish central bank raise the
TRY swap market transaction limits to 40% from 30% of FX market limits. This
follows a similar move (to 30% from 20% two weeks ago), a move which was seen
amounting to around $5bln in FX transactions. This move allows the Turkish
central bank to build up their much-depleted FX reserves, which have fallen in
recent months as the bank attempt to defend (and smooth) any TRY depreciation.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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