In a very short update sent to Turkish Brokers the Association of Turkish Brokers announced the monthly forex turnover for April 2012. Total volume for 10 brokers was 71.264.455.633,69 TL. Given the TRY/USD exchange rate of 1,8194 we get USD 39.2 Billion/month volume for the Turkish forex market.
There is however no explanation on the exact methodology used to gather this information and how it was calculated so this number should be treated with caution.
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On one hand this figure is in line with previous estimates of the Turkish market’s volume (pre-CMB rules) but on the other it means the market rebounded extremely quickly which is hard to believe.
We’ll keep tracking these updates.