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Turkey Tightens Oversight of Currency Market as Lira Weakens

TURKEY
  • Turkish authorities are keeping tabs on investors who are buying large amounts of foreign currency and asked banks to deter their clients from using the spot market for hedging-related trades as they struggle to contain the lira’s slide
  • The central bank has requested commercial lenders inform them of any big-ticket dollar purchases that may impact the market negatively, according to people familiar with the matter
  • Officials also asked banks to advise corporate clients looking to hedge any potential lira losses to use the futures markets or the central bank’s non-delivered forward market, the people said.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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