Borsa Istanbul announced that it will start to calculate and publish the Turkish Lira Overnight Participation Reference Rate of Return (TLREFK), which is created to meet the Turkish lira short-term reference rate of return requirement.
In the statement made by Borsa Istanbul, it was stated that TLREFK rate can be used as a variable return indicator, underlying asset or benchmark in debt instruments of participation banks, various interest-free financial products and financial contracts.
TLREFK will be calculated by using the rate of return on the buy-back commitment, sell and resell commitment and purchase transactions of capital market instruments with the same day start and the next business day ending value (overnight) and only TL-denominated payment, realized in the Borsa Istanbul Contracted Transactions Market.
In the statement, it was stated that the data of the BIST TLREFK Index, which was created in order to monitor the return of this rate, can be accessed from the BISTECH Data Release System and Borsa İstanbul website as of June 22, and stated that the TLREFK Rules were created by the TLREFK Committee, which consists of the representatives of Borsa İstanbul and the Participation Banks Association of Turkiye.
Source: Trthaber / Translated by Irem Yildiz