Turkey Central Bank Matchmakers Keep Lira Traders on Tight Leash

If you’re looking to buy a lot of dollars in the Turkish market, expect to explain yourself.

The Turkish central bank has so tightened its grip over the foreign-exchange market in the runup to May’s presidential election that it’s become the matchmaker for most large transactions, according to several traders who spoke on condition of anonymity. Nearly every trade larger than a few million dollars is subject to its scrutiny and approval, they said.