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”.
Market participants do not buy the
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