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Turkey Regulator Lifts Lira Trading Ban With BNP, Citi, UBS

Published 2020-05-11, 03:16 a/m
© Bloomberg. A customer holds Turkish two-hundred Lira banknotes, left, and U.S. one-hundred dollar banknotes, inside a foreign currency exchange bureau in the Beyoglu district of Istanbul, Turkey on Wednesday, Oct. 9, 2019. The lira hovered near its lowest level since late August against the dollar while stocks and government bonds fell as the threat of U.S. penalties mounted after a Turkish military operation in northeast Syria got underway. Photographer: Kerem Uzel/Bloomberg
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(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.

©2020 Bloomberg L.P.

© Bloomberg. A customer holds Turkish two-hundred Lira banknotes, left, and U.S. one-hundred dollar banknotes, inside a foreign currency exchange bureau in the Beyoglu district of Istanbul, Turkey on Wednesday, Oct. 9, 2019. The lira hovered near its lowest level since late August against the dollar while stocks and government bonds fell as the threat of U.S. penalties mounted after a Turkish military operation in northeast Syria got underway. Photographer: Kerem Uzel/Bloomberg

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