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media reports overlooked the fact that the “capital hikes” were performed by exchanging government papers among the Turkey Wealth Fund (TVF), the unemployment fund and state banks.
However, as the Turkish financial system dives deeper into the realm of financial alchemy, more and more Turks are starting to look for physical FX and gold.
Daily transactions volumes at the “Footed Bourse” in Istanbul’s Grand Bazaar jumped to $40mn from $10mn prior to the coronavirus (COVID-19) pandemic due to taxes and commission charged on FX transactions via the financial system, local business daily Dunya reported on August 25.
It should be noted that these figures are modestly estimated as the market is over-the-counter (OTC) and no records are held for most transactions.
Around 50 brokers work in the Tahtakale OTC FX market in the Bazaar, according to Dunya.
Turkish Treasury's Outstanding FX and Gold-denominated Domestic Papers
GOLD BONDS
Issue Date
Maturity
Buyer
TRY (As of Aug 21)
Actual (tonnes, mn)
6-month (%)
15 rounds
Sep 2018 - Feb 2019
728-day
Public Offering
1,251,952,804
3,126
1.20
4 rounds
Oct 2019
Oct 2021
Public Offering
143,179,801
316
1.00
TRT170921T15
September 20, 2019
September 17, 2021
Direct Sale
1,796,291,452
3,965
1.00
TRT091020T13
October 11, 2019
October 9, 2020
Direct Sale
1,359,051,124
3,000
0.87
TRT301020T16
November 1, 2019
October 30, 2020
Direct Sale
3,321,223,443
7,331
0.75
TRT310122T14
February 3, 2020
January 31, 2022
Direct Sale
6,165,088,631
13,609
0.38
TRT050321T15
March 6, 2020
March 5, 2021
Direct Sale
8,191,269,328
18,081
0.50
TRT160421T11
April 17, 2020
April 16, 2021
Direct Sale
3,924,795,402
8,663
0.75
TRT140521T12
May 15, 2020
May 14, 2021
Direct Sale
5,023,756,144
11,089
0.75
TRT090721T17
July 10, 2020
July 9, 2021
Direct Sale
3,199,066,609
7,062
0.75
USD DENOMINATED BONDS
TRT280521F12
May 29, 2020
May 28, 2021
Direct Sale
4,677,212,927
$683
1.75
TRT160721F14
July 17, 2020
July 16, 2021
Direct Sale
16,152,048,710
$2,359
1.25
TRT260723F10
July 29, 2020
July 26, 2023
Direct Sale
18,270,750,000
$3,000
1.50
TRT120822F16
August 14, 2020
August 12, 2022
Direct Sale
21,924,900,000
$3,000
1.87
EURO DENOMINATED BONDS
TRT150121F11
January 18, 2019
January 15, 2021
Direct Sale
9,001,545,450
€1,040
1.55
TRT171221F16
March 15, 2019
March 13, 2020
Direct Sale
10,818,125,000
€1,250
1.10
TRT120321F12
December 20, 2019
December 17, 2021
Direct Sale
8,702,099,750
€1,006
0.75
TRT280521F20
May 29, 2020
May 28, 2021
Direct Sale
12,209,560,892
€1,411
1.25
ZERO COUPON EURO DENOMINATED SECURITIES
TRT240424F14
24/04/2019
24/04/2024
Private Placement
35,808,339,930
€4,138
-
NON INTEREST BEARING EURO DENOMINATED SECURITIES
TRT240424F22
24/04/2019
24/04/2024
Private Placement
3,461,800,000
€400
-
GOLD LEASE CERTIFICATE
18 issues
from Sep 2018
to Oct 2019
Public Offering
763,055,524
5 issues
from Feb 2019
to Nov 2019
Direct Sale
29,276,169,948
TRD310122T12
03/02/2020
31.01.2022
Direct Sale
6,604,582,775
21 TURKEY Country Report September 2020 www.intellinews.com
