Turkey Acts to Buoy Markets After U.S. Targets Bank Over Syria
- Market regulator bans short-selling in seven Turkish banks
- Lira reverses early decline on charges against Halkbank
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Turkish regulators moved to limit the impact on financial markets after the U.S. targeted a leading bank in what amounted to a reprimand of President Recep Tayyip Erdogan’s military incursion in Syria.
The government measures, including a ban on short-selling of seven banks and a renewed liquidity squeeze in offshore money markets, stemmed a rout in financial institutions and buoyed the lira. Early declines followed U.S. criminal charges against state-run Halkbank, one of the nation’s largest.