Emerging Markets Rates and Currencies Handbook

204 Citi | Emerging Markets Currencies Handbook 2021 Market Overview The Central Bank of Turkey (CBRT) adopting the floating exchange rate regime under which exchange rates are determined by supply and demand conditions in the market. Main Currency Pairs: G10 currencies, RUB (Russian Ruble), CNH (Chinese Yuan Offshore) ag. TRY. Main volumes are coming from Corporates/ Government and Public Sector. Corporate do X for business/hedging purposes and do not much have speculative deals. Policy rate: 1 week repo rate set by CBT, Local Bonds: Turkgb ticker, max tenor 10y. IRS MARKET: Established in 2019, TLREF is the reference rate (which is the weighted average of the secured o/n repo transactions in Borsa Istanbul. Convertibility Fully convertible. CBRT Exchange Rate Policy can be seen from the following address . https://www.tcmb.gov.tr/wps/ wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/ Exchange+R ate+Policy TURKEY (TRY — Turkish Lira) Citi in Turkey Citi Turkey started doing business in Turkey in 1975 with corporate banking services and began to operate as a branch in 1981. However, even before the bank established a presence in Turkey, Citi Turkey was involved into many development projects such as motorway financings, power plants and dams. In 1998 Citi Turkey began providing Commercial Banking services. Citi Turkey provides loans, treasury products, corporate finance, cash management, foreign trade finance and custody services to its corporate and commercial customers. Citi Turkey serves its corporate and commercial customers through its branches, CitiDirect internet banking, CitiFX Pulse internet foreign exchange internet banking and CitiService phone banking services. In 2007, Citi acquired Opus Menkul Değerler A.Ş. and has started to provide security services in Turkey as Citi Menkul Değerler A.Ş.