Economics
Turkey Lifts Ban on Lira Trading With BNP, Citi, UBS in U-Turn
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Turkey lifted a ban on trading liras with BNP Paribas SA, Citigroup Inc. and UBS Group AG, a quick reversal just days after it imposed the restrictions that rippled beyond the currency market.
A spokesman for the banking regulator, known as BDDK, confirmed that the trading curbs -- which were imposed amid a market rout on Thursday -- had been reversed. In instituting the ban, the regulator said the global lenders had failed to meet local-currency obligations to their Turkish counterparts.