Turkey launches probe into suspected actions targeting economic security
Istanbul prosecutor's office launched an investigation into individuals suspected of involved in actions that threaten Turkey's economic security.
Turkey was targeted by an economic attack, the prosecutor's office said and pledged to take legal action against all written and visual news as well as social media accounts which it deemed to serve towards the purpose of this attack.
Banks' liquidity needs will be provided by the Central Bank of the Republic of Turkey (CBRT), the bank announced on Monday."In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need," the bank said in a written statement.It added: "Banks will be able to borrow foreign exchange deposits in one-month maturity in addition to one-week maturity."If needed, the Central Bank may increase lenders' current foreign exchange deposit limits -- $50 billion -- and improve utilization conditions.No deposits will be seized: Turkish FinMinTo provide banks flexibility in their collateral management, the Central Bank revised discount rates for collaterals against Turkish lira transactions, said the statement.The bank added: "Through this regulation, the discounted value of banks’ current unencumbered collaterals is projected to increase by approximately 3.8 billion Turkish liras ($555.4 million)."The Central Bank also raised foreign exchange deposit limits for lira transactions of lenders from €7.2 billion ($8.2 billion) to €20 billion ($22.8 billion).The Central Bank also lowered Turkish lira reserve requirement ratios by 250 basis points for all maturity brackets, and reserve requirement ratios for non-core FX liabilities by 400 basis points for up to three-year maturities.Russia to increase use of local currencies for tradeThe bank also announced that it will continue its intermediation in the foreign exchange deposit market."Accordingly, through the intermediation of the Central Bank, banks will be able to borrow from and lend to each other at the FX deposit market as per the rules set by the Implementation Instructions on the Foreign Exchange and Banknotes Markets," it added.It said: "Banks will continue to purchase foreign bank notes from the Central Bank via foreign exchange transactions within their pre-determined limits at the Foreign Exchange and Banknotes Markets."The bank also said that it raised the maximum average maintenance facility for foreign exchange liabilities to 8 percent."With this revision, approximately 10 billion Turkish liras ($1.46 billion), $6 billion, and $3 billion equivalent of gold liquidity will be provided to the financial system," it added.Market depth and price formations will be monitored by the Central Bank closely, which will take all necessary measures to protect financial stability, if needed, said the bank.
Turkey Central Bank to provide all liquidity banks need
President Recep Tayyip Erdoğan on Sunday criticized the U.S., saying Turkey will say “goodbye” to those, who prefer terrorists as their strategic partner.Erdoğan was speaking at ruling Justice and Development (AK) Party’s meeting in northeastern Turkish province of Trabzon.“We will say goodbye to those, who sacrifice its strategic partnership and alliance with a country of 81 million people on the altar of its relations with terror organizations," he said.Turks sprint to support national currency after Erdoğan callTurkish senior official warns of perception operationTurkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.U.S. President Donald Trump on Friday ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.No deposits will be seized: Turkish FinMinErdoğan said Turkey would turn towards new markets, new partners and alternative financial tools.“If you pressure us through the dollar, we will look for other ways to carry out our works,” he said.“We will give our response to the person -- who declares war against the whole world including our country -- by turning towards new markets, new partners and new alliances," Erdoğan added.Terming the recent U.S. tariffs on Turkey as an “economic war,” the Turkish president said: “We’ve seen your game and we will challenge it.”The aim of the recent U.S. pressure is “to seize Turkey in every field from finance to politics,” the president noted.“We will not surrender,” Erdoğan asserted. “We will continue producing. We will continue increasing our exports,” he said.
Erdoğan slams US for preferring terrorists as partner
Turkey’s treasury and finance minister early Monday vowed to fight “lies” that deposit money would be seized or that foreign currencies in bank accounts would be converted into Turkish liras, saying that no such steps will be taken."Deposit money will not be seized. Foreign currencies in bank accounts will not be converted into Turkish liras. However, those lies will be fought off until the end in the judicial sphere," Berat Albayrak tweeted.Albayrak said an action plan is coming into effect starting early Monday."Our institutions will take the necessary steps to relax the markets," he said.Albayrak said they prepared the plan together with banks for the real sector, the sector the most affected by recent currency fluctuations."We will take the necessary steps rapidly, together with our banks and the Banking Regulation and Supervision Agency," he added.Russia says will cut holdings of US securities amid sanctionsIran slams Trump's tariffs decision targeting TurkeyTurks sprint to support national currency after Erdoğan call
No deposits will be seized: Turkish FinMin