July 28, 2020 / 7:55 AM / 9 days ago

Turkey exempts foreign development banks from some lira curbs

FILE PHOTO: Turkish lira banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration

ISTANBUL (Reuters) - Turkey’s BDDK banking watchdog said on Tuesday it will exempt international development banks from some restrictions on access to lira liquidity.

The international developments banks that open a lira account with domestic banks will be allowed to conduct swaps transactions involving buying liras with the Development Investment Bank of Turkey, and in the FX swap market at the Istanbul bourse.

They will also be allowed to conduct repo and reverse repo transactions at the bourse, and lira depo transactions with domestic banks.

Reporting by Ezgi Erkoyun; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer

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