Turkey's reference rate reaches $12B transaction volume

Turkish lira overnight reference rate (TLREF) reached 70 billion Turkish liras ($12.2 billion) transaction volume, the chairperson of Borsa Istanbul said on Tuesday.

Bond issuance based on TLREF also reached the volume of 12.6 billion Turkish liras ($2.2 billion), Erisah Arican told the Turkish Capital Markets Summit 2019.

TLREF rate was announced and started to be released on June 17 for enabling banks to manage interest rate risks.

Touching on Borsa Istanbul's FX swap market, she underlined that this market reached a $2 billion transaction volume so far.

"Borsa Istanbul, with its 400 publicly held companies, is the largest stock exchange in its region," she said.

"In line with Istanbul Finance Center vision, we will continue to make efforts for being at the top," added Arican.

The two-day summit, Turkish Capital Markets Summit 2019, started on Tuesday under the theme of "Transformation" with the support of the Turkish Presidency. Anadolu Agency is the global communications partner of the event.

Alp Keler, the chair of the Turkish Capital Markets Association, said Turkey can grow with the support of capital markets.

Turkish capital market's products and structure were developed in coordination with the world markets, he said.

"Our sector can meet requirements of a large number of investors with its infrastructure," he underlined.

Turkey should raise savings and extend the maturity period of them, he noted.

He also said that the partnership culture must be improved in Turkey.

Referring to the summit, he said around 150 experts will give speeches in 28 panels and 40 teachers will teach at 32 sessions.