Turkish lira overnight reference rate (TLREF) reached 70 billion Turkish liras ($12.2 billion) transaction volume, the chairperson of Borsa Istanbul said on Tuesday.

Bond issuance based on TLREF also reached the volume of 12.6 billion Turkish liras ($2.2 billion), Erisah Arican told the Turkish Capital Markets Summit 2019.

TLREF rate was announced and started to be released on June 17 for enabling banks to manage interest rate risks.

Touching on Borsa Istanbul’s FX swap market, she underlined that this market reached a $2 billion transaction volume so far.

Read more: Turkey's reference rate reaches $12B transaction volume