The Ministry of Treasury and Finance announced that an agreement was reached with Euroclear Bank for the GDS clearing and custody service.
The ministry’s announcement is as follows:
“An agreement has been reached with the foreign central depository institution (YMSK) Euroclear Bank to provide clearing and custody services for Government Domestic Debt Securities (GDBS).
With Euroclear Bank’s storage feature, non-residents; Their ability to access Turkish bonds in TL, dollar, euro and gold will increase.”
What does the agreement mean?
With the agreement between the Ministry of Treasury and Finance and Euroclear Bank, the obligation for foreign investors to use a correspondent bank located in the country is eliminated. Banks will be able to buy, sell and keep bonds denominated in Turkish Lira through their existing Euroclear accounts.
Albayrak gave the signal in Dolmabahçe
Minister of Treasury and Finance Berat Albayrak gave signals about the agreement with Euroclear at the meeting with members of the press and economists in Dolmabahçe last week, where he discussed the normalization process. While answering the question about Turkish Lira denominated investments and portfolio flows, Minister Albayrak stated that the long-running project with Euroclear Bank was nearing completion and that an announcement would be made in a very short time.
Source: https://www.dunya.com/finans/haberler/dibslerin-takasini-euroclear-yapacak-haberi-472276
