Economy

Turkey orders FX settlement delays to stem speculation

CBRT/Bloomberg

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The restriction comes at a time when Turkish policymakers are being criticised by investors for intervening in financial markets.

Tuesday 21, May 2019

(Bloomberg) --Turkey has imposed settlement delays on sizable foreign-currency purchases by retail investors, saying that the restriction was intended to stem market speculation.

Turkish lenders are required to settle all retail transactions valued at $100,000 or higher one working day later.

Under the current system, transactions are settled on the same day.

Last week, authorities asked some of the nation’s primary dealers to support the government’s borrowing drive.

TAGS : Lira, Turkish banks

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