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Turkish Bank Crisis Prompts Emergency Meeting on Saturday

  • Dollars were in short supply at Istanbul branches on Friday
  • Some banks were asked to study impact of financial shocks
Pedestrians pass a giant Turkish national flag hanging above a DenizBank AS bank branch in Istanbul.

Pedestrians pass a giant Turkish national flag hanging above a DenizBank AS bank branch in Istanbul.

Photographer: Ismail Ferdous/Bloomberg
Updated on

Officials from the Turkish banking regulator and some banks were said to be holding talks on Saturday as the banking system braces for fallout from the biggest currency shock since 2001.

The Banking Regulation and Supervision Agency, known as BDDK, said there was no meeting planned for Saturday and that any consultations with banks were routine. Four people with knowledge of the matter said on Friday that the regulator had asked them to study the impact of interest-rate and exchange-rate shocks and scheduled a conference call on Saturday. They said they were also expecting to discuss the liquidity situation in the country.