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Money and business
Reuters
The Turkish lira
The authority that supervises banks in Turkey ended the lira ban on the lira exchange, including BNP Paribas, Citibank and UBS, after meeting its foreign exchange obligations.
In a letter sent by the authority to the three banks on Monday, the authority said that the banks targeted the ban on Thursday after the lira set a new record low against the dollar “fulfilled its obligations within a reasonable time frame” .
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The embargo was among a series of measures the government took on Thursday to protect the currency after falling to 7,259 pounds per dollar, its weakest level.
The Anatolian News Agency said the authority initiated proceedings against London-based institutions and that it gained greater powers to pursue market manipulation, noting that the three banks were unable to perform the obligations on their lira on time and that the ban included your units in other countries.
In a separate move Monday, which may curb the rise in the current account deficit, the government announced new customs tariffs on imports of dozens of products, including dishwashers, refrigerators, jewelry, musical instruments, and products related to public health.
According to the official newspaper, an additional 30 percent tariff will be imposed on imports of these products until September 30, and up to 25 percent after that date.
Source: Reuters
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