The Turkish Lira Overnight Reference Rate ("TLREF") had begun to be published on June 17, 2019, to meet the need for a short-term benchmark in Turkish Lira instead of the Turkish Lira Interbank Offer Rate ("TRLIBOR"), and the TLREF Committee had been working on the IBOR transition process and TLREF within the scope of the benchmark reform in coordination with the international organizations.
Pursuant to the public announcement of the Bank Associations of Turkey dated May 25, 2022, the TLREF Committee's works on the IBOR transition process and TLREF within the scope of the benchmark reform have been completed, and TRLIBOR will be replaced by TLREF in line with the following timeline:
(i) TRLIBOR will not be published after June 30, 2022.
(ii) TRLIBOR/TLREF transition spread will start to be announced on July 1, 2022.
(iii) The outstanding transactions indexed to TRLIBOR will switch to TLREF as of July 1, 2022.
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