Turkish watchdog cuts banks’ forex to capital ratio limit

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FILE PHOTO: A U.S. one dollar banknote is seen through a magnifying lens on top of Turkish lira banknotes in this illustration

ISTANBUL (Reuters) – Turkey’s BDDK banking watchdog has set the foreign currency net position to standard capital ratio for banks at a maximum 5% according to a regulation published in the country’s official gazette on Saturday.

The amendment takes effect on January 9, it said.

The regulation was last amended in 2014 when it was set at a maximum of 20%, the Anadolu state news agency reported.

(Reporting by Ezgi Erkoyun; editing by Jason Neely)

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