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17 Sep, 2018 14:51

Turkey eases limits on banks’ foreign exchange swaps

Turkey on Monday relaxed limits imposed on its banks’ foreign exchange swaps and similar instruments, after last month limiting the transactions to 25 percent of a bank’s equity, Reuters reports. The BDDK banking regulator said the new limit for instruments with maturities between 90-360 days would be set at 75 percent of a bank’s equity, while transactions with maturities of more than 360 days would be set at 50 percent. Turkish companies will no longer be required to count foreign currency losses when assessing whether to file for bankruptcy, according to a legal change introduced at the weekend. The move is the latest government measure to help companies squeezed by a sell-off in the Turkish lira this year.