NEWS Finance        12/04/2020

BDDK cuts banks' forex transaction limits

The Banking Regulation and Supervision Agency (BDDK), Turkey’s banking watchdog, in a move to reduce access to the monetary market, has cut the limits of currency swaps and other derivative transactions that lenders execute with non-residents when receiving and paying with Turkish liras at the maturity date. The limits have been reduced  from 10% of a bank’s equity to 1% with a maturity of seven days, and to 2% for transactions with a maturity of 30 days.

 

BDDK in a statement said that it had made the amendment to support measures taken to protect financial stability and manage risks raised by the global coronavirus outbreak.

 

 



Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases marginally to 64.86% in January 2024       Turkey’s official unemployment rate is 8.8% in December 2023       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.4 billion as of yearend 2023       Turkey’s economy grew 5.5% in 2022       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45.2 billion in 2023