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Central Bank Considers New Hedging Regulation to Curb Dollar Demand

TURKEY
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The monetary authority is designing a new regulation to require banks to hold collateral for forward contracts, with the goal of ultimately cooling off demand for hard currency in the spot market, according to people familiar with the discussions (BBG).

  • The plans are part of recent measures the central bank has been using to curb domestic demand for dollars.
  • USDTRY saw a small downtick on those headlines, but price action has consolidated since. Technically, the primary trend direction in USDTRY remains up, though the 20-day EMA at 18.7532 marks the first support.
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The monetary authority is designing a new regulation to require banks to hold collateral for forward contracts, with the goal of ultimately cooling off demand for hard currency in the spot market, according to people familiar with the discussions (BBG).

  • The plans are part of recent measures the central bank has been using to curb domestic demand for dollars.
  • USDTRY saw a small downtick on those headlines, but price action has consolidated since. Technically, the primary trend direction in USDTRY remains up, though the 20-day EMA at 18.7532 marks the first support.