Published On: Tue, May 21st, 2019

New rule from Banking Regulation Agency of Turkey for purchase of foreign currency




New rule from Banking Regulation Agency of Turkey for purchase of foreign currency

Turkey’s Banking Regulation and Supervision Agency (BRSA) introduced a new rule for foreign exchange buying and selling. This rule will be applicable to purchase of foreign currency equal to or over US$ 100 thousand. Accordingly, those who want to buy foreign currency will deposit the amount in Turkish lira and have to wait for one day. That is, the account of the buyer will be credited for concerned amount in foreign currency, next day.

However, there will be no waiting period in currency sales. The TL equivalent of the sold currency will be transferred to the account on the same day.

With this new implementation to start on May 21st BRSA aims to prevent the speculative movements in the currency and maintain market stability.

As will be recalled Turkey has had a real tough time with fluctuations in TL rates against foreign currencies due to own wrong policies not to forget the most negative impact made by the USA, that is Donald TRUMP who took severe actions against Turkish economy supported by statements on Twitter a while ago.





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