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USD/TRY Extends 3% Higher as Liraization Measures Begin to Ease

TURKEY
USD/TRY trades ~3% higher Monday morning amid the first steps of easing to the so-called “liraization measures” which have been a feature of Turkish monetary policy for the last ~18 months. Today’s gains see the pair over 10% higher from last week’s pre-CBRT levels, and almost 40% higher on the year.
  • The central bank announced that they lowered the securities maintenance ratio to 5% from 10%, according to a decree published in the Official Gazette on Sunday, with the ratio having been increased twice from 3% to 10% in the last two years in order to support the conversion of foreign currency deposits to lira deposits.
  • The potential unwind of liraization is also making itself felt in bank stocks: the Borsa Istanbul Index sits 2.15% higher and just shy of the YtD high printed on May 12. The Liraization measures had been a source of frustration for Turkish banks - bank chiefs had warned the rules impeded credit channels and distorted bank operations.
  • Worth noting today is the last full day of trading this week ahead of the Eid holidays beginning Tuesday afternoon.
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