Turkey: Banking watchdog puts new limits on FX swaps

Dünya Executive - - OVERVIEW -

Turk sh banks’ fore gn currency swap transact ons cannot represent more than 25 percent of the r equ t es, Turkey’s

Bank ng Regulat on and Superv s on Agency (BDDK) announced on August 14. “Total not onal pr nc ple amount of banks’ currency swaps and other s m lar products (spot + forward FX transact ons) w th fore gn counterpar­t es where at the n t al date local banks pay Turk sh l ra and rece ve FX should not exceed 25 percent of the bank’s regulatory cap tal,” the agency sa d. “In th s regard, unless current excess s el m nated, no further transact ons of these types can be executed and matur ng transact ons should not be renewed.”

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