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Turkeys Banks Face Restrictions On Buying and Selling Currency

17th August 2018

The Turkish financial regulators have imposed new restrictions on all banks in Turkey.


The rules will make it harder for banks to buy and sell foreign exchange derivatives with overseas banks, meaning that this will prevent some investors from betting against the lira.


 


ISTANBUL, Aug 15 (Reuters) - Turkish banking watchdog BDDK on Wednesday said it is cutting the limit for Turkish banks’ forex swap, spot and forward transactions with foreign banks to 25 percent of a bank’s equity.


The BDDK had said on Sunday that the limit would be 50 percent of the bank’s equity.


In a statement, the BDDK said the rate will be calculated daily and new transactions will not be performed or renewed until the current excess of the amount is realised at a quarter of a bank’s capital.


 


Turkish lira steady despite new threats from Trump


 


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