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Turkish central bank asks banks to widen FX, gold transaction spreads

Middle East

16-02-2023 | 09:35

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Turkish central bank asks banks to widen FX, gold transaction spreads

Turkey's central bank has asked banks to widen the spread for gold and foreign currency transactions to curb foreign currency demand, two sources with knowledge of the matter told Reuters on Thursday.

The central bank also asked the banking sector to increase derivative transaction costs to around 40 percent, the sources said, in a move aimed at directing such transactions to Borsa Istanbul.

Turkish central bank declined to comment.

Authorities have introduced measures to protect the markets against the impact of massive earthquakes that hit the southeastern region last week, killing more than 41,000 people in Turkey and neighboring Syria.

Turkey

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