Erdogan Vows to Punish Those Who ‘Smuggle’ Dollars Out of Turkey
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President Recep Tayyip Erdogan vowed to be harsh on anyone smuggling foreign currencies abroad in remarks Monday as some foreign banks halted or minimized trading in Turkish lira.
Erdogan’s remarks came as BNP Paribas SA scaled back its operation in the Turkish lira market following a regulatory clampdown, according to three people with knowledge of the matter. Clearstream Banking and Euroclear Bank suspended Turkish lira transactions over a shared electronic communications platform effective from Monday.