Turkey eases TRY transaction limits for non-residents

ANKARA

Turkey's banking watchdog on Tuesday eased limits on Turkish lira transactions with overseas residents.

Amid steps to normalize the economy from precautions taken to against the novel coronavirus pandemic, the Banking Regulation and Supervision Agency (BRSA) exempted international development banks from a 1% equity limit on lira-legged transactions that had been introduced for non-residents.

The watchdog allowed international development banks with lira accounts in domestic banks to conduct swaps with the Development Investment Bank of Turkey and the Borsa Istanbul stock exchange to buy liras.

The move also paved the way for international development banks to conduct repo and reverse repo transactions at Borsa Istanbul, as well as Turkish lira depo transactions with domestic lenders.