Turkey Regulator Lifts Lira Trading Ban With BNP, Citi, UBS
Bloomberg
Published May 11, 2020 15:16
Updated May 11, 2020 15:54
(Bloomberg) -- Turkey lifted a ban on trading liras with BNP Paribas (OTC:BNPQY) SA, Citigroup Inc (NYSE:C). and UBS Group AG (NYSE:UBS) after they met local-currency obligations to Turkish lenders, according to people with direct knowledge of the matter.
A spokesman for the banking regulator confirmed the ban had been reversed.
Turkey imposed the ban last week after market interventions and new anti-manipulation rules failed to stem a lira rout. Restricting foreign investors’ access to lira liquidity made it difficult for them to bet against the currency.
The currency hit a low on Thursday after state media blamed unidentified financial institutions for manipulative attacks on the currency. It erased losses as word of the ban got out.
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Written By: Bloomberg
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