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TRY: USD/TRY Dips to Fresh Weekly Low on New Liquidity Measures

TRY
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  • USDTRY has seen a solid dip on that Bloomberg report, dipping just below its earlier weekly lows around 32.79. Sell-side had widely been expecting the central bank to supplement the rate pause with further tightening in its policies to manage liquidity.
  • Ekonomi newspaper reported earlier in the week that interest rates on lira deposits decreased below the central bank’s policy rate of 50% at various maturities due to excess TRY liquidity created by the CBRT's foreign exchange purchases.
  • The new measures will reduce the availability of TRY to local lenders (by capping the total amount of FX-swaps banks can execute with the monetary authority at 0.5% of their daily FX market limits from 3% previously) and could therefore result in higher deposit rates.
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  • USDTRY has seen a solid dip on that Bloomberg report, dipping just below its earlier weekly lows around 32.79. Sell-side had widely been expecting the central bank to supplement the rate pause with further tightening in its policies to manage liquidity.
  • Ekonomi newspaper reported earlier in the week that interest rates on lira deposits decreased below the central bank’s policy rate of 50% at various maturities due to excess TRY liquidity created by the CBRT's foreign exchange purchases.
  • The new measures will reduce the availability of TRY to local lenders (by capping the total amount of FX-swaps banks can execute with the monetary authority at 0.5% of their daily FX market limits from 3% previously) and could therefore result in higher deposit rates.