Turkish authorities have raised the pressure on the country’s banks to limit corporate clients’ purchases of foreign currency in an effort to halt a renewed slide of the lira.
Bankers in Istanbul, Turkey’s financial centre, say that they are facing increased interference from the central bank, with officials probing corporate FX transactions worth as little as $1mn. “Even for $1mn or $2mn, they are calling to check: who is the buyer?” said one senior Turkish banker. “They’re really anxious about the corporate flow.”
The interference is the latest unconventional tactic Turkish officials have deployed to steady a currency that has fallen by 45 per cent against the dollar over the past 12 months, sending inflation soaring.
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