Turkey’s Central Bank Tells Lenders to Avoid Early Forex Buying

Turkey’s central bank told commercial banks to avoid foreign currency transactions in the early hours of the day when there isn’t demand from clients, according to an official document seen by Bloomberg.

The banks have been carrying out the transactions for their own balance sheets and this has triggered market volatility, the document said. “New measures” will be implemented if lenders continue the transactions, it added, without giving details.