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Turkey Cracks Down on Currency Market Amid Lira Depreciation

January 5, 2022 by Forex Winner Leave a Comment

Turkey Cracks Down on Currency Market Amid Lira Depreciation

Source: Bloomberg

Turkish officials are reinforcing their supervisory functions as the country struggles to contain the slump of its currency. TUR is up 0.87% premarket.

  • The Turkish central bank has urged local lenders to report major dollar purchases which may have hit the market negatively, sources close to the matter said.
  • Lenders have also been requested to advise corporate clients to use the futures market or the non-delivered forward market versus the spot market.
  • The development is in line with already heavy interventions imposed by the central banks, in efforts to stop the further drop of the lira.
  • Officials have also unveiled a new foreign-currency-linked deposit account that seeks to address the high demand for euros and dollars by local investors.
  • The lira has depreciated by over 20% against the greenback in the past two weeks, dragged by the rate cuts as inflation high two-decade highs.

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