According to the decision of the Banking Regulation and Supervision Agency (BDDK), foreign exchange transactions over 100 thousand dollars will be delayed by one day.
The regulation text was sent to the banks on last Monday. It explains that the rationale for the decision is the stable functioning of financial markets, the effective functioning of the credit system and the prevention of speculative transactions.
According to this regulation, the Turkish Liras value of the over 100 dollars money will be paid to the bank and the dollar money will be taken the next day from the bank. If you want to sell dollars, you must not wait. You will give your dollars, you can take Turkish Liras.
Reuters said this step could lead to ‘increased concerns over capital control to maintain the value of TL’.
Last week, with the decision of the President of Turkey, said on the official newspaper, the banks and the insurance transactions tax (BITT), which were taken from the foreign exchange transactions by the banks and the authorized institutions together with the foreign exchange transactions to the Treasury, were raised to 0.1 percent.
Raising risk perceptions
A banker who reported to Reuters News Agency stated that this is a trying about an indicator that it is trying to overcome their economic problems with short-term steps rather than trust.
Another expert banker stated that this regulation results in some critical thoughts about the next regulation of Turkey.
According to Bloomberg data, TL is the second most depreciating currency among developing countries with 25