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USD/TRY Touches Lows into the Close

TURKEY
  • Some TRY strength noted through the London close, with USD/TRY slipping to 17.1950 in recent trade - puts the rate at the lowest levels since Jun10.
  • No headlines / newsflow behind the move, but worth noting the step-up in macroprudential measures effective today:
  • Late yesterday, the Turkish banking regulator launched fresh macroprudential measures on Liraization, changing risk rules surrounding banks’ usage of TRY swaps contracts. The measures see banks imposing a 500% risk weighting to TRY or FX loans – effectively increasing the cost of lending TRY to overseas investors.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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