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CBRT to Meet FX Needs of Private Banks as KKM Maturity Nears

TURKEY
  • Offshore overnight implied TRY yields remain higher on the week, but have moderated off an early spike on Tuesday. Implied yields briefly touched 40% before moderating to 15%, in-line with the CBRT policy rate.
  • Following the move, Reuters cited sources in reporting that CBRT reserves will not be used to set the TRY market level and that the CBRT will provide FX to the private banking sector to meet requirements for the KKM scheme, with the CBRT and Treasury protocol that enables FX sales through state banks has now been deactivated. The headlines come despite latest reports that Turkey’s state-run banks sold as much as $2.3b to prop up the lira.
  • Diplomatic relations between Turkey and Egypt have been raised to the ambassador level, a statement by the two nations’ foreign ministries read. This step aims at the re-normalisation of relations between the two countries and reflects the mutual will to develop bilateral relations in line with the interests of the Turkish and Egyptian peoples, the statement says.
  • There are no major economic releases scheduled for today. Looking ahead, CPI data is the key release of the week and is on the docket tomorrow, where base effects are expected to lead to a marginal decline in the headline figure (Est: +38.90% y/y; Prior: +39.59%). Producer price data will also cross tomorrow.
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