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Turkish regulator imposes but then lifts harsh restrictions on UBS, BNP and Citi
Chris Hamblin
13 May 2020
At the same time that the BDDK imposed its ban, the state-owned broadcaster Anadolu accused financial institutions in London of "manipulative attacks" on the lira. The news agency Haberler says that the three banks were engaged in such attacks in order to depreciate the lire. The regulatory ban, according to Reuters, was on transactions in the lire and affected movements of money between affiliates in each banking group. Reuters believes that this was an attempt to shore up the Turkish lire - which has dropped in value in recent months. Haberler says that the BDDK lifted its sanction because the three financial institutions had "fulfilled their obligations in a reasonable time," although some kind of investigation is still in progress.