Turkish bank regulator limits lira loans for firms holding foreign exchange

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Turkish bank regulator limits lira loans for firms holding foreign exchange

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Analysts warned that the move risked backfiring.“I think it will actually add to people’s fears about further such measures, and fuel capital outflows,” said one London-based analyst.

The measure will apply to companies with foreign exchange on their books worth more than TL15mn ($890,000) that exceeds 10 per cent of their total assets or annual revenues, said the Banking Regulation and Supervision Agency.

In April, the government announced that exporters would be forced to convert 40 per cent of their foreign currency revenues into lira.

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Article Details

Author / Journalist: Laura Pitel

Category: MarketsFinanceInvesting

Topics: Turkish Lira Banking Cent Forced Capital Currency Financial Companies Foreign

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-24, 19:41:45

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 4 minutes read

Article Length: 652 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 9339

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