<p>土耳其在经历了一年的暂停后，重新启动了与当地银行的外汇掉期交易，此举是在中东战争引发的新兴市场广泛抛售后，外汇储备减少的背景下进行的。</p>
<p>土耳其中央银行周二进行了三场总额为 100 亿美元的美元对里拉掉期拍卖，期限从一周到一个月不等，银行将以里拉向贷款方借入美元。</p>
<p>根据国营的安纳杜卢通讯社，行长表示，掉期交易的恢复表明 “系统内的外汇流动性没有问题，我们所追求的汇率机制运作良好。”</p>
<p>这一公告是在货币当局在三月份从银行间市场抽走约 2 万亿里拉（450 亿美元）之后发布的，此举旨在维持紧缩的货币政策。美国和以色列于 2 月 28 日对伊朗发动战争，导致风险资产流出，几乎所有新兴市场货币都出现下跌，彭博社对此进行了追踪。</p>
<p>自战争开始以来，里拉相对未受重创，贬值 1.2%，而南非兰特贬值 6.8%，智利比索贬值 6.5%。</p>
<p>但稀缺的里拉流动性引发了银行的不满，一些高管呼吁恢复货币掉期交易以缓解流动性紧张。</p>
<p>在三月初，中央银行通过其更昂贵的 40% 的隔夜贷款利率提供资金，而不是通过其政策利率 37% 的为期一周的回购拍卖来收紧货币条件。</p>
<p>过去，地方贷款方的外汇掉期曾因提供对外汇储备的短期提振而受到批评，而没有实际的外汇流入。根据彭博社最新的官方数据，土耳其的外汇储备在截至 3 月 20 日的三周内减少了超过 120 亿美元。</p>
<p>自战争开始以来，土耳其中央银行已从其储备中支出超过 300 亿美元，包括通过各种方式，以保护里拉免受新兴市场中因冲突引发的动荡影响。</p>
<p>土耳其的货币策略依赖于在调整通胀后维持里拉的稳定，国有银行在必要时会干预外汇市场。</p>
<p>在中东持续冲突的背景下，能源进口成本上升和美元需求增加可能使这一策略更难以维持。</p>
<p>卡拉汉周二表示：“我们面临的外部情况对我们的通胀斗争产生了负面影响。我们决心保持必要的紧缩，以继续实现去通胀。”</p>
<p>周一，中央银行副行长警告战争带来的不确定性及其对土耳其经济的潜在风险。</p>
<p>“我们采取的主动措施非常恰当。我们现在每天都在观察我们后续采取的措施是否足够，” 他在伊斯坦布尔对记者表示。“单靠重新启动掉期交易并没有太大意义，但与不同的组合结合起来可能是非常合适的措施，” 他补充道。“我们在关注一切，昼夜不停。”</p>

土耳其指数 MSCI ETF - iShares

<p>土耳其首次在一年内重新启动了与当地银行的外汇掉期交易，推出了三场总额为 100 亿美元的美元对里拉的掉期拍卖。这一举措是在由于中东持续战争导致新兴市场抛售而显著减少外汇储备之后采取的。中央银行旨在维持外汇流动性和稳定的汇率，尽管面临能源成本上升和美元需求增加的挑战。自战争开始以来，里拉仅下跌了 1.2%，相较于其他新兴市场货币显示出相对的韧性</p>

<p>Turkey restarted foreign-currency swap transactions with local banks for the first time in a year, after a drawdown in reserves fueled by a broad selloff across emerging markets amid the war in the Middle East.</p>
<div class="lb-trans"><p>土耳其在经历了一年的暂停后，重新启动了与当地银行的外汇掉期交易，此举是在中东战争引发的新兴市场广泛抛售后，外汇储备减少的背景下进行的。</p>
</div><p>The Turkish central bank on Tuesday opened three separate dollar-for-lira swap auctions totaling $10 billion, with maturities ranging from one week to one month, under which it will borrow dollars from lenders in exchange for liras.</p>
<div class="lb-trans"><p>土耳其中央银行周二进行了三场总额为 100 亿美元的美元对里拉掉期拍卖，期限从一周到一个月不等，银行将以里拉向贷款方借入美元。</p>
</div><p>Governor said the resumption of swap deals shows “there’s no issue with regards to FX liquidity in the system and that the exchange rate regime we’re pursuing is functioning in a healthy manner,” according to state-run Anadolu news agency.</p>
<div class="lb-trans"><p>根据国营的安纳杜卢通讯社，行长表示，掉期交易的恢复表明 “系统内的外汇流动性没有问题，我们所追求的汇率机制运作良好。”</p>
</div><p>The announcement came after the monetary authority drained around 2 trillion liras ($45 billion) from the interbank market in March, a step aimed at maintaining a tight monetary stance. The US and Israel started a war on Iran on Feb. 28, triggering outflows from riskier assets and declines in nearly all emerging-market currencies tracked by Bloomberg.</p>
<div class="lb-trans"><p>这一公告是在货币当局在三月份从银行间市场抽走约 2 万亿里拉（450 亿美元）之后发布的，此举旨在维持紧缩的货币政策。美国和以色列于 2 月 28 日对伊朗发动战争，导致风险资产流出，几乎所有新兴市场货币都出现下跌，彭博社对此进行了追踪。</p>
</div><p>The lira has emerged relatively unscathed, dropping 1.2% since the war began, compared with declines of 6.8% in South Africa’s rand and 6.5% in Chile’s peso.</p>
<div class="lb-trans"><p>自战争开始以来，里拉相对未受重创，贬值 1.2%，而南非兰特贬值 6.8%，智利比索贬值 6.5%。</p>
</div><p>But scarce lira liquidity drew banks’ ire, with some executives a resumption of currency swap transactions to ease the squeeze.</p>
<div class="lb-trans"><p>但稀缺的里拉流动性引发了银行的不满，一些高管呼吁恢复货币掉期交易以缓解流动性紧张。</p>
</div><p>Earlier in March, the central bank tightened monetary conditions by providing funding via its costlier overnight lending rate of 40% instead of lending via one-week repo auctions at its policy rate of 37%.</p>
<div class="lb-trans"><p>在三月初，中央银行通过其更昂贵的 40% 的隔夜贷款利率提供资金，而不是通过其政策利率 37% 的为期一周的回购拍卖来收紧货币条件。</p>
</div><p>FX swaps with local lenders were criticized in the past for providing a temporary boost to foreign reserves without actual foreign inflows. Turkey’s gross foreign exchange reserves fell by more than $12 billion during the three-week period through March 20, according to the most recent official data compiled by Bloomberg.</p>
<div class="lb-trans"><p>过去，地方贷款方的外汇掉期曾因提供对外汇储备的短期提振而受到批评，而没有实际的外汇流入。根据彭博社最新的官方数据，土耳其的外汇储备在截至 3 月 20 日的三周内减少了超过 120 亿美元。</p>
</div><p>Since the start of the war, the Turkish central bank has spent more than $30 billion from its reserves, including through , to shield the lira from conflict-driven turbulence seen across emerging markets.</p>
<div class="lb-trans"><p>自战争开始以来，土耳其中央银行已从其储备中支出超过 300 亿美元，包括通过各种方式，以保护里拉免受新兴市场中因冲突引发的动荡影响。</p>
</div><p>Turkey’s monetary strategy relies on maintaining a stable lira when adjusted for inflation, with state-run banks intervening in the foreign exchange market when needed.</p>
<div class="lb-trans"><p>土耳其的货币策略依赖于在调整通胀后维持里拉的稳定，国有银行在必要时会干预外汇市场。</p>
</div><p>Higher energy import costs and increased dollar demand amid the ongoing conflict in the Middle East could make that strategy more challenging to sustain.</p>
<div class="lb-trans"><p>在中东持续冲突的背景下，能源进口成本上升和美元需求增加可能使这一策略更难以维持。</p>
</div><p>“We are faced with an external situation that’s affecting our inflation fight negatively. We are determined to maintain the necessary tightness for the continuation of disinflation,” Karahan said Tuesday.</p>
<div class="lb-trans"><p>卡拉汉周二表示：“我们面临的外部情况对我们的通胀斗争产生了负面影响。我们决心保持必要的紧缩，以继续实现去通胀。”</p>
</div><p>On Monday, central bank Deputy Governor warned of the uncertainty emanating from the war and the potential risks to Turkey’s economy.</p>
<div class="lb-trans"><p>周一，中央银行副行长警告战争带来的不确定性及其对土耳其经济的潜在风险。</p>
</div><p>“The proactive measures we took were very appropriate. We are now looking on a daily basis whether the ones we’ve taken later are enough,” he told reporters in Istanbul. “Restarting swaps alone doesn’t mean much but it could be a very appropriate measure with different combinations,” he added. “We are looking at everything. We’re looking at it day and night.”</p>
<div class="lb-trans"><p>“我们采取的主动措施非常恰当。我们现在每天都在观察我们后续采取的措施是否足够，” 他在伊斯坦布尔对记者表示。“单靠重新启动掉期交易并没有太大意义，但与不同的组合结合起来可能是非常合适的措施，” 他补充道。“我们在关注一切，昼夜不停。”</p>
</div>

Turkey Restarts FX Swaps to Counter War Impact on Reserves

- 土耳其央行重启外汇掉期交易，金额达 100 亿美元。  
- 此举旨在应对外汇储备减少和流动性紧张。  
- 土耳其需保持货币政策紧缩以抗击通胀影响。

土耳其重启外汇掉期交易以应对战争对外汇储备的影响