Recent Developments
In parallel with the global reforms in terms of benchmark
reference rates, Türkiye has also started working on this
issue in coordination with international institutions.
Accordingly, for the short-term reference rate of Turkish lira
to be used as a benchmark in financial products, debt instruments
and different types of financial contracts, (i) the Turkish Lira
Overnight Reference Rate ("TLREF") data
had begun to be published on June 17, 2019 to replace the Turkish
Lira Interbank Offer Rate ("TRLIBOR")
announced by the Banks Association of Türkiye
("Association"), and (ii) the TLREF
Committee ("Committee") was established
by the Central Bank of Turkey to oversee the efforts in calculation
and dissemination of the TLREF rate and undertake studies to make
necessary changes to the rules based on market developments and the
needs and requirements of the market participants.
