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Financials

Turkish regulator slashes limits on banks' FX transactions

ISTANBUL, April 12 (Reuters) - Turkey’s banking watchdog said on Sunday it was slashing the limit for banks’ foreign-exchange swap, forward and option transactions with foreign entities to 1% of a bank’s equity, from 10% previously.

In a statement, the BDDK watchdog said it made the amendment to support measures taken to protect financial stability and manage risks raised by the global coronavirus outbreak.

The BDDK also said it is reducing the amount of lira sell side foreign exchange swaps, forwards and other derivatives made with non-residents with a maturity of seven days to 1% of banks’ equity. Those with a maturity of 30 days were reduced to 2% of banks’ equity. (Reporting by Ezgi Erkoyun; Editing by Jonathan Spicer)

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