Free Trial

Turkey Seeks Trading Hour Limits for Large Forex Transactions After Lira Slips

TURKEY
  • Turkey’s banking regulator has requested that banks limit their foreign exchange transactions with corporate clients to the six busiest trading hours of the day to help prevent volatility in the lira.
  • The regulator has asked banks to carry out the trades between 10 a.m. and 4 p.m. local time each day, when the market is most liquid, Reuters said on Tuesday, citing three bankers that it did not identify.
  • "The central bank is fighting a serious battle for the (lira), but the cost of keeping it steady ... is increasing by the day," said Ipek Özkardeşkaya of Swissquote
  • "Of course, it is possible that there will be an 'accident' in low liquidity hours," she said of the new limits on trading hours. "Let's see how long they can carry on." - RTRS
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.