Emerging Markets Rates and Currencies Handbook

Turkiye (TRY - Turkish Lira) Citi in Turkiye Citi Turkiye started doing business in Turkiye in 1975 with corporate banking services and began to operate as a branch in 1981. However, even before the bank established a presence in Turkiye, Citi Turkiye was involved into many development projects such as motorway financings, power plants and dams. In 1998 Citi Turkiye began providing Commercial Banking services. Citi Turkiye provides loans, treasury products, corporate finance, cash management, foreign trade finance and custody services to its corporate and commercial customers. Citi Turkiye serves its corporate and commercial customers through its branches, CitiDirect internet banking, CitiFX Pulse internet foreign exchange internet banking and CitiService phone banking services. Citi operations in Turkiye are regulated by BRSA (Banking Regulation and Supervision Agency of Turkiye). Market Overview The Central Bank of Turkiye (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, CNH (Chinese Yuan Offshore) ag. TRY. Main volumes are coming from Corporates/ Government and Public Sector. Corporate do FX 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. 157