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Markets

London lira overnight swap rate soars to 330 percent

Published Updated

ANKARA: The Turkish lira overnight swap rate in London soared to 330 percent on Tuesday and the weekly swap rate rose to 125 percent, from 22 percent and 24 percent respectively, according to Refinitiv Eikon data.

Turkish banks started on Monday to keep lira swap market transactions in London well below the BDDK banking watchdog limit of 25 percent, four sources with the knowledge of the matter told Reuters.

Copyright Reuters, 2019

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