Turkey Bans Lenders From Trading Liras With Citi, UBS, BNP By Bloomberg

Must Read

Turkey rescues 32 asylum seekers in Aegean

BALIKESİR- Anadolu Agency ...

Pressure piles up on Turkey ahead of EU leaders’ meeting

ANKARA: European pressure is piling up on Turkey ahead of a meeting next week about the country’s activities in the...

© Bloomberg. A 10 Turkish Lira banknote

(Bloomberg) — Turkey’s banking watchdog barred local lenders from trading liras with Citibank NA., BNP Paribas (OTC:) SA and UBS AG, saying the three foreign banks failed to meet their lira liabilities.

Banking regulator issued the ban after state media blamed unidentified London-based financial institutions for taking manipulative positions against the lira.

UBS declined to comment. A BNP representative wasn’t immediately available to comment.

The currency weakened to a record low against the dollar earlier Thursday but erased losses following the regulator’s announcement. It was trading 1.2% higher at 7.1065 per at 3:31 p.m. in Istanbul.

The regulator has recently limited the amount of liras Turkish banks can make available to foreign investors and banks, in an apparent attempt to make it tougher to bet against the local currency.

It also expanded the definition of manipulative trades in financial markets. Trades that generate “misleading pricing” or keep asset prices at “abnormal or artificial” levels are now considered to violate the law.

(Updates with more details from the third paragraph.)

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Turkey rescues 32 asylum seekers in Aegean

BALIKESİR- Anadolu Agency ...

Pressure piles up on Turkey ahead of EU leaders’ meeting

ANKARA: European pressure is piling up on Turkey ahead of a meeting next week about the country’s activities in the eastern Mediterranean, with the European...

‘Iran, Turkey need to coop. against threats at joint border’

Iran's Deputy Interior Minister for Security Affairs Hossein Zolfaghari held a phone conversation with Turkish Deputy Interior Minister Mohtaram Injeh on Friday. During the phone...

September 14, 2001: The Day America Became Israel

This article is dedicated to the memory of an activist, inspiration, and recent friend: Kevin Zeese. Its scope, sweep, and ambition are...

More Articles Like This