https://www.ft.com/content/4d67da90-...b-5c68069fbd15
Turkey's central bank ramps up use of borrowed dollars
Short-term swaps pad out forex reserves at a time of 'volatile' economic outlook
Turkey's central bank has boosted its short-term dollar borrowing to new heights, padding out official reserves after authorities sparked a fresh bout of instability in the lira by ordering a rerun of a critical Istanbul election.
The total amount on loan from local banks through one-week swaps hit a new high of $13.4bn on Friday, up $1.7bn from the end of the previous week. The figures from the central bank prompted speculation that the bank had used swaps to mask efforts to prevent heavier falls in the country's currency.
The Financial Times revealed last month that a surge in short-term borrowing by the central bank was helping to obscure the scale of the decline in net foreign currency reserves.
State banks bought at least $1bn worth of lira this week in an apparent attempt to prop up Turkey's currency, according to two investors who said they had observed evidence of market intervention in trading patterns. Both requested anonymity because of the sensitivity of the matter.
Dollar selling by state banks is seen by many investors as a reason for a gradual drain on the central bank's net foreign currency reserves in recent months that the bank has never fully explained.
Financial Times;Merkez Bankasýnýn ,ülkenin para birimindeki sert düþüþü önleme çabasý doðrultusunda harcadýðý net döviz rezervlerindeki düþüþü perdelemek için yerel bankalardan swap yolu ile kýsa vadeli borç olarak dolar almaya ve kendi rezervlerinde göstermeye devam ettiðini,Cuma günü itibariyle swap yoluyla bankalardan aldýðý kýsa vadeli borcu bir önceki hafta sonuna göre 1.7 milyar dolar daha arttýrarak 13.4 milyar dolara çýkardýðýný yazmýþ.
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