Turkey bans dealers from trading with BNP, Citi and UBS

Lira rallied after action, but respite for currency may be brief

Turkish lira falls

The Turkish banking authority has banned local banks from trading the Turkish lira with BNP Paribas, Citi and UBS, as the country’s currency hit an all-time low. 

In its announcement, the Banking Regulation and Supervisory Agency (BRSA) stated that the three dealers “did not meet their Turkish lira liabilities against [local] banks in due time” and said its actions were aiming at preventing “transactions and practices that may jeopardise… the credit system”. 

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