UPDATE - Euroclear to give service for Turkish government bonds

REVISED DECK; UPDATED WITH MINISTER'S TWEET

By Gokhan Ergocun

ISTANBUL (AA) - International central securities depository Euroclear Bank will provide swap and deposit services for domestic debt securities of the Turkish government.

Turkey has agreed with Euroclear to improve non-residents’ access to Turkish lira-, euro-, dollar- and gold-denominated bonds, the country's Treasury and Finance Ministry announced on Tuesday.

Berat Albayrak, Turkey’s treasury and finance minister, said: "Under the Istanbul Financial Center objectives, we are continuing our steps to ensure the compliance of capital markets with international standards."

The project, expected to be completed as of early 2022, will serve as a global hub for financial systems and non-banking financial methods, including Islamic finance.

Thanks to the cooperation with Euroclear, foreign investors will be able to access Turkey's bonds more easily, he added.