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Offshore TRY Borrowing Costs Shooting Higher

TURKEY

Looks like Turkish authorities possibly leaning further on TRY borrow rates to stem TRY downside a little further this morning. Offshore borrowing rates are shooting higher this morning (thereby making short positions more expensive). The overnight borrowing has shot to over 9,000% (!) briefly this morning. Quite clearly a new alltime high.

  • Similarly, one-week forward implied yields nearing 400% having after starting to inch higher during the Monday session.

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