Turkey's banking watchdog said it had launched an investigation into JP Mor...
ISTANBUL - Turkey’s banking watchdog said it had launched an investigation into JP Morgan and other banks over complaints it received after the lira plunged more than 4 percent and the main share index fell sharply on Friday.
The BDDK watchdog said on Saturday it received complaints that a report JP Morgan published on Friday hurt the reputation of Turkish banks and caused volatility in financial markets. The necessary “administrative and judicial processes” would be followed, it said. The regulators’ actions are the latest official measures to counter the lira’s sharp decline. The central bank said on Friday it was suspending one-week repo auctions “for a period of time”, a policy tightening move to squeeze market liquidity and support the lira.
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