May 17, 2019 / 3:18 PM / 9 months ago

Turkish banks need to protect lira, says banking watchdog

ISTANBUL (Reuters) - All Turkish banks need to protect the country’s lira currency, which has been targeted recently by speculators, Turkey’s banking watchdog head Mehmet Ali Akben said on Friday.

Speaking in Istanbul, Akben also said he expects banks to make an effort to turn deposits in foreign currencies into lira.

In the last six months, Turks have ramped up their holdings of dollars and euros, a so-called dollarisation trend that reflects a lack of faith in the lira and added to its recent weakness.

Reporting by Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by Jonathan Spicer

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