Page 20 - TURKRptDec22

2.5 More non-capital controls, bankers begin wailing again
Turkey's central bank has cautioned local banks that it could take "necessary measures" to address the conducting of FX transactions with foreign banks during night hours.
The warning was outlined in a letter sent to lenders and seen by Reuters on October 28.
In May, the central bank gave verbal guidance to banks, requesting that they avoid conducting forex transactions with foreign banks during hours when the market is illiquid.
The letter was also said to contain an observation by the central bank that Turkish banks were sending high volumes of lira to foreign residents that were subsequently converted to forex. The regulator asked the banks to advise clients to conduct such transactions on the domestic market.
On October 31, Isbank’s general manager called on the government to scrap the non-capital controls.
20 TURKEY Country Report December 2022 www.intellinews.com