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.

 

 



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