February 10, 2020 / 9:13 AM / 18 days ago

London Turkish lira overnight swap rate jumps to 65%

LONDON, Feb 10 (Reuters) - The Turkish lira overnight swap rate in London jumped to 65% on Monday from 9.5% at the end of last week when the country’s currency came under pressure and hit its weakest level in eight months, according to Refinitiv data.

London lira overnight rates had come into focus last year after rocketing to more than 1,200% in April with Turkish banks withholding liquidity from London markets when the currency came under pressure in the run up to local elections.

The BDDK bank regulator cut the limit for Turkish banks’ forex swap, spot and forward transactions with foreign entities to 10% of their equity from a previous limit of 25% set in August 2018. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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