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Turkey Tightens Oversight of Currency Market as Lira Weakens
Turkish authorities are keeping tabs on investors who are buying large amounts of foreign currency and asked banks to deter their clients from using the spot market for hedging-related trades as they struggle to contain the lira’s slide. The central bank has requested commercial lenders inform them of any big-ticket dollar purchases that may impact the market negatively, according to people familiar with the matter, who asked not to be named as the information isn’t public. Officials also asked banks to advise corporate clients looking to hedge any potential lira losses to use the futures markets or the central ... (full story)