Turkish banking watchdog raises limit banks’ lira transactions abroad

A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey. (Reuters)

Turkey’s banking watchdog said on Monday that it will raise the limit on banks’ Turkish currency placements, depo and repo transactions and loans with foreign financial institutions to 2.5 percent of their legal capital from 0.5 percent.

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The banking authority said local banks’ overdraft lira loan facilities with foreign financial institutions are not considered part of this limit.

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Last Update: Monday, 30 November 2020 KSA 11:14 - GMT 08:14