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Legal Alerts

Timeline for TRLIBOR to TLREF Transition is Announced

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Banking & Finance
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Recent Developments

In parallel with the global reforms in terms of benchmark reference rates, Türkiye has also started working on this issue in coordination with international institutions.

Accordingly, for the short-term reference rate of Turkish lira to be used as a benchmark in financial products, debt instruments and different types of financial contracts, (i) the Turkish Lira Overnight Reference Rate (“TLREF“) data had begun to be published on June 17, 2019 to replace the Turkish Lira Interbank Offer Rate (“TRLIBOR“) announced by the Banks Association of Türkiye (“Association“), and (ii) the TLREF Committee (“Committee“) was established by the Central Bank of Turkey to oversee the efforts in calculation and dissemination of the TLREF rate and undertake studies to make necessary changes to the rules based on market developments and the needs and requirements of the market participants.

The Association, in its public announcement dated May 25, 2022, announced that the Committee has now completed the benchmark reform and determined the timeline for the transition from the TRLIBOR to the TLREF.

Timeline for TRLIBOR to TLREF Transition

In this context, the following timeline has been set for the transition from TRLIBOR to TLREF:

  • TRLIBOR will cease to be published after June 30, 2022.
  • The TRLIBOR/TLREF transition spread will start to be announced on July 1, 2022.
  • The outstanding TRLIBOR transactions will switch to TLREF as of July 1, 2022.


Turkish financial institutions now have a clear timeline for the transition from TRLIBOR to TLREF.

In this regard, it would be important for these financial institutions to complete transitioning their existing agreements and other undertakings from TRLIBOR to TLREF.