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Currency trading firms

Currency trading firms

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The BDDK banking watchdog  imposed the ban in the foreign exchange market saying the three banks failed to meet their liabilities to Turkish counterparts.

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As a way to bolster financial stability and cushion the impact of the spread of COVID-69 on the economy, Turkey's central bank has sought swap lines with other monetary authorities to help support the lira.

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Turkey barred Citigroup, Swiss Bank UBS and BNP Paribas of France from trading in liras. The currency climbed from an all-time low.

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It is “just a matter of time” before the weakening lira and the low reserves lead to a crisis, Nikolay Markov , senior economist at Swiss investment firm Pictet Asset Management, who was on the conference call with Albayrak, told Reuters. The crisis could consist of Turkish companies or banks being unable to meet debt obligations, he said.

"Wow very big move by the BDDK. It will be seen as an aggressive action against foreign banks," Tim Ash , senior emerging markets strategist at BlueBay Asset Management in London, said in comments on Twitter.

Turkey has about $675 billion of external debt coming due this year. It has ruled out a loan programme with the International Monetary Fund as a means to strengthen its finances.

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