Turkey Tells Banks to Slow FX Buying in Latest Lira Defense

Regulator requires day-after settlements to curb speculation
Latest move to bolster currency amid rerun of Istanbul vote

Turkish 10 Lira banknotes
Photographer: Jason Alden/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Kerim Karakaya, Asli Kandemir, and Constantine Courcoulas

May 20, 2019 at 4:22 PM UTC

Updated on

May 21, 2019 at 6:14 AM UTC

This article is for subscribers only.

Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.

Turkey told banks to wait one day before settling some large foreign-currency purchases, the latest move to defend the lira as President Recep Tayyip Erdogan’s party seeks to keep control of Istanbul in a controversial rerun of local elections.