Turkey bans foreign exchange trades with BNP, Citi and UBS
Lira hits a record intraday low but recovers after Ankara's banking regulator takes action
07 May 2020 - 18:40
Istanbul — The Turkish banking regulator said on Thursday that it imposed a lira transaction ban on BNP Paribas, Citibank and UBS as they failed to meet their lira liabilities.
The move followed state-media reports that Turkish regulators had launched legal action against London-based financial institutions over allegations they bought large sums of foreign currency and then defaulted on Turkish lira liabilities to weaken the currency...
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