ISTANBUL - Turkey’s lira briefly fell to a record low against the U.S. dollar on Thursday as investors fretted about depleted currency reserves and the need for foreign financing as the coronavirus pandemic drains the economy.
It later recovered ground after the banking watchdog announced a ban on lira transactions by BNP Paribas, Citibank and UBS, saying the banks were unable to fulfil Turkish lira liabilities in due time. Turkey’s Finance Minister Berat Albayrak voiced optimism in a conference call with investors on Wednesday about sealing a swap line deal for forex funding, but he gave few details, several participants in the call told Reuters.
A Fed policy-maker - asked on Wednesday about extending swap facilities to Turkey and others in need - said the Fed already has lines with countries that have a relationship of “mutual trust” with the U.S. and the highest credit standards. As the lira weakened, Turkey published regulations on Thursday that would punish institutions spreading “false or misleading information” in financial markets, as the lira hit a record low against the U.S. dollar.
Source: Financial Digest (financialdigest.net)
Swap games from soros puppet banks and countries...
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