Turkish central bank supplies lira through stock exchange

Governor acknowledges unconventional short-term liquidity provision, as traditional repo operations come to a halt

The Central Bank of the Republic of Turkey

The Central Bank of the Republic of Turkey (CBRT) is providing the financial market with lira 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 swaps market hovered at around $12 billion

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