The Banks Association of Turkey has carried out a project for determination and fixing of Turkish Lira Reference Interest Rate (TRLIBOR) since 2000. However, the project has then been suspended due to the unfavourable economic and financial developments. In 2002, the project of determination and fixing of TRLIBOR has been resumed.
Rules on Determination of (TRLIBOR) have been discussed in the meeting of the Board of Directors on 16 April 2002, and have been resolved :
In the meetings held for formation and appointment of Management and Arbitration Committee and for completion of the technical works, and attended by our members who satisfy the aforementioned criteria and agree to participate the system, it has been decided that the system be initiated and commenced on 1st of August, 2002.
Before start of the system, the Participating Banks have signed a protocol with the Banks Association of Turkey, and the banks have exchanged declarations of limits solely for the TRLIBOR transactions.
Banks, which will serve as associate and alternate members in the Management and Arbitration Committee to be formed for the purpose of issuing regulations and making suggestions on the "Fixing System" of the Participating Banks and of resolving the probable disputes among the Participating Banks of the "Fixing System", as specified in article 7 of the Rules on Determination and Fixing of TRLIBOR, have been elected.
In order to increase the effectiveness of the system, the Rules are continuously evaluated by the Management and Arbitration Committee and updated by the decisions taken by the Board of Directors. With the decision taken on the 5th of May 2006, together with TRLIBOR, Turkish Lira Interbank Bid Rate (TRLIBID) is decided to be published daily from the 3rd of July 2006.
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With TRLIBOR and TRLIBID, the need for a reference interest rate to be used in the transactions conducted among the banks or by the banks in the name of their clients is hoped to be met.
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