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FinancialNews


  • 11-05-20

    Turkey lifts FX transaction ban off three banks

    (MENAFN)

    Authorities in Turkey on Monday have lifted the foreign exchange transactions bans with Turkish lira off three foreign banks, which namely are BNP Paribas, Citibank and UBS.

    The Banking Regulation and Supervision Agency (BRSA) in Turkey released data which showed that the ban has been lifted after the banks fulfilled their commitments of the Turkish lira.

    The banking watchdog has banned the three cited bans from using the Turkish lira in foreign exchange transactions in the earlier week over reports that showed that some financial institutions that are based in London were involved in attacks aiming to depreciate the Turkish lira, by purchasing huge amounts of foreign currency using liras they don't have.

    Authorities continue to investigate the transactions of these banks, the exchange rate of USD/TRY went over 7.2 level in the earlier week, and it declined to 7-7.1 level after the BRSA move.

    MENAFN1105202000450000ID1100147056

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