Turkey blocks 3 foreign banks from trading the lira as it attempts to halt currency’s slide

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Turkey blocked three international banks from trading its currency Thursday, an effort to stymie investors who are betting that the country’s weak financial standing will continue to deteriorate.

Turkey’s banking regulator said units of Citigroup Inc.
C,
+3.93%
, BNP Paribas SA
BNP,
+2.25%
and UBS Group AG
UBS,
+1.97%
can no longer process transactions involving Turkish lira. It determined that the lenders had failed to fulfill their liabilities in Turkish lira transactions with Turkish banks. The watchdog didn’t say how long the ban would remain in force.

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