Sure, but that's not necessarily a useful way of looking at the overnight rate in this case. Annualized interest rates are useful when you're looking at the va

Sure, but that's not necessarily a useful way of looking at the overnight rate in this case. Annualized interest rates are useful when you're looking at the value of an investment changing over time; but in this case the nature of the investment is changing -- because the critical property "can be delivered to close a contract today" is satisfied by today-lira but is not satisfied by tomorrow-lira.