Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Turkish authorities
Economy

The Turkish authorities have imposed restrictions on working with the national currency

29.09.2020
2 min read

Turkish authorities have complicated working conditions for foreign traders

The Turkish authorities have introduced restrictive measures for foreign traders who work with local currency. Now operations with Turkish lira will be limited for foreign players in the market. Such a step is dictated by the government’s desire to stabilize the national currency and prevent the rate from falling, which has been observed for some time.
Last week, the lira fell the most since last summer. The dollar rate against Turkish currency showed 6.0146 liras. And despite the fact that after this fall it began to strengthen slightly and rose by 0.2%, the authorities express concern that the rate may fluctuate again.
Therefore, the Central Bank of Turkey has limited the size of currency transactions for foreign investors. If before they could swap from 25% of capital, now only from 10%. All local banks must obey this rule and strictly monitor its implementation.
This is not the first time that these measures have been introduced in the country. During the financial crisis in 2018, the authorities also resorted to this instrument of lira regulation.
Investors from other countries exchange dollars and euros into the national currency. All this is happening in local banks through forward agreements, so that after the transactions are already in Turkish money.

Turkish authorities

Restrictions on currency swaps will reduce the amount of liquidity available in the Turkish lira, thus strengthening and stabilizing its exchange rate.
The country’s chief regulator has also introduced new rules for commissions. Their list and types, which banks are entitled to charge from customers, both retail and commercial, have been reduced. In total, the list of fees and commissions for commercial clients of financial institutions was reduced from 2400 to 54. For retail customers, the list was reduced from 20 to 16.
It should be noted that the share of fees and commissions is about 12% of the total revenue of local banks.
The Turkish authorities strictly regulate the activities of financial institutions, which has a fruitful impact on the state economy. This is evidenced by the GDP growth as well as the market development dynamics. Besides, the country is open for investments, and the tax burden here is one of the lowest in the world.
Despite the financial crisis in 2018, Turkey is rapidly recovering and trying to strengthen its position.
Special attention is paid to lending. Local banks provide a variety of programs at relatively low annual rates. Consumer lending is also promoted by a large number of the young generation, which is several times higher than people of retirement age.

Tags: Global Economy
0
Previous Post Richard Branson: Life story of the strangest millionaire Next Post Turkish company Anex Tour became the new owner of the tour operator Intourist

You Might Also Like

hitting the economy
Economy
Weather in Germany is hitting the country’s economy
17.01.2021
global economic growth
Economy
How the world economy will grow this year
16.02.2022
2% tax increase
Economy
How will the Japanese economy and population be affected by the 2% tax increase?
08.12.2020
new gas field
Economy
A new gas field has been discovered near Turkey: details
22.05.2021
five promising securities of China
Economy
Morgan Stanley singled out five promising securities of China
07.05.2022
Alternative energy in Europe
Economy
Alternative energy in Europe is increasing generation volumes
08.12.2021

Recent Posts

  • 1Laos cryptocurrency exchanges
    Two cryptocurrency exchanges in Laos received approval from the country’s Central Bank
    24.06.2022
  • 2Digital luxury
    Digital luxury: perspectives for luxury goods in virtual space
    23.06.2022
  • 3SWIFT considers interaction with digital currencies
    SWIFT plans to interact with digital currencies
    22.06.2022
  • 4The minimum income in Latvia will change
    The government intends to revise the minimum income in Latvia
    21.06.2022
  • 5Domuschiev brothers
    The Domuschiev brothers: the success story of Bulgaria’s first billionaires
    20.06.2022

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Where can one obtain citizenship for investing in a country: overview of states?

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Latest Posts

OpenSea NFT platform
OpenSea’s NFT platform hits the $13.3 billion mark
25.06.2022
Laos cryptocurrency exchanges
Two cryptocurrency exchanges in Laos received approval from the country’s Central Bank
24.06.2022
Digital luxury
Digital luxury: perspectives for luxury goods in virtual space
23.06.2022

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Where can one obtain citizenship for investing in a country: overview of states?
  • Alibaba Group: the secret of success from the founders of Aliexpress
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics