Turkish central bank supplies lire through stock exchange
Governor acknowledges unconventional short-term liquidity provision, as repo operations falter
The Central Bank of the Republic of Turkey (CBRT) is providing the financial market with lires through Istanbul’s stock exchange, rather than using short-term repurchase agreements offered through its own facilities.
On October 31, governor Murat Uysal acknowledged the institution was using this unconventional mechanism to address the system’s local currency shortage. Speaking at a press conference, he said the outstanding value of the stock exchange swap market hovered at around $12 billion–
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