The Turkish FinMin Albayrak is due to be.....>

TURKEY: The Turkish FinMin Albayrak is due to be holding a conference call with

investors later today at 4pm Turkish time (1400BST/0900ET) at which he will

likely discuss the Turkish financial position and possibly the state's TRY

defence plans as well as the CBRT's FX reserves levels.

- Moves come amid further policy moves this week to help shore up the TRY,

including boosting TRY swap transaction limits with private banks to 40% from

30% (a similar move two weeks ago helped unlock $5bln, allowing the CBRT to

rebuild FX reserves) and pressuring offshore TRY liquidity in an effort to deter

foreign short-sellers.

- Interestingly the squeeze on offshore liquidity is yet to show in offshore

overnight borrowing costs which hold at approximately 9% although there was a

brief squeeze early April up to around 60%. This same measure rose well above

1,300% both last year and in 2018.

- The 2020 high in USD/TRY hit this morning at 7.1677 and is narrowing the gap

with the alltime highs printed during the TRY crisis in 2018 at 7.2362.