TRY Transaction Limits for Non-Residents Eased

Turkey’s banking watchdog has eased limits on Turkish lira transactions with overseas residents from 28 July 2020. In order to prevent the possibility of economic issues as a result of COVID-19 the Turkish Banking Regulation and Supervision Agency (BRSA) has exempted international development banks from a 1% equity limit on lira-legged transactions that had been introduced for non-residents. The watchdog is now allowing international development banks with lira accounts in domestic banks to conduct swaps with the Development Investment Bank of Turkey and the Borsa Istanbul stock exchange to buy liras. The move has also paved the way for international development banks to conduct repo and reverse repo transactions at Borsa Istanbul, and Turkish lira depo transactions with domestic lenders. Histoire complète

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