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TURKEY: Reuters Say CBRT Intervened Indirectly in FX Market via Public Banks

TURKEY
BulletEM BulletEmerging Market News
  • The only evidence we have of central bank intervention is from “sources” from various news wires, so there is no official guidance on how the estimated $5-10bln of intervention would have been carried out.
  • Nonetheless, citing bankers, Reuters say the central bank did not directly intervene in the exchange rate, but that the transactions were instead carried out through existing foreign exchange buying and selling methods via public banks. They note that the central bank carries out FX transactions through many channels such as purchases from exporters and FX-protected scheme payments.
  • Bloomberg say the intervention was carried out through multiple lenders, while Ekonomi specifically refer to the 40.00 USD/TRY level at which intervention occurred.
  • It is also worth watching offshore borrowing rates as this could be another indicator of a crackdown on speculation.
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  • The only evidence we have of central bank intervention is from “sources” from various news wires, so there is no official guidance on how the estimated $5-10bln of intervention would have been carried out.
  • Nonetheless, citing bankers, Reuters say the central bank did not directly intervene in the exchange rate, but that the transactions were instead carried out through existing foreign exchange buying and selling methods via public banks. They note that the central bank carries out FX transactions through many channels such as purchases from exporters and FX-protected scheme payments.
  • Bloomberg say the intervention was carried out through multiple lenders, while Ekonomi specifically refer to the 40.00 USD/TRY level at which intervention occurred.
  • It is also worth watching offshore borrowing rates as this could be another indicator of a crackdown on speculation.