The Central Bank (BDL) killed two birds with one stone in a swap operation with local banks worth $3 billion. BDL needed to strengthen its foreign currency reserves which have, according to the International Monetary Fund (IMF), dropped into negative territory, a result created by the nebulous and intertwined imbalances between deposits by banks and liquidity made available by the BDL.
BDL bought back treasury bills denominated in lira from the banks at a premium discount against their s...
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