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ISTANBUL (Reuters) – Turkish banking gendarme has announced the opening of an investigation on JP Morgan and other banks following complaints filed after the fall of the lira by more than 4% and the fall in the main stock index on Friday.
PHOTO FILE: J.P. Morgan's logo is visible in New York, USA, on January 10, 2017. REUTERS / Stephanie Keith / File Photo
The BDDK's watchdog said Saturday that it has received complaints that a report published by JP Morgan on Friday would have damaged the reputation of Turkish banks and caused volatility in the financial markets. The necessary "administrative and judicial processes" would be followed, he added.
The Turkish Capital Markets Council (SPK) also announced the opening of an investigation after receiving complaints that a JP Morgan report was "misleading" and provoked speculation about the stock market. 39; Istanbul.
The Turkish lira fell more than 4% against the US dollar on Friday, its biggest one-day drop since the currency crisis in August, raising concerns that Turks are buying more foreign money while bonds with Washington are deteriorating.
The measures taken by the regulators are the last official measures taken to counter the sharp decline of the lira. The central bank announced on Friday that it was suspending the one-week pension auctions "for a while", a toughening policy aimed at reducing market liquidity and supporting the lira.
A copy of Reuters' JP Morgan report indicated a high risk of the lira falling after the March 31 local elections, recommending that customers go "long" in US dollars. This tip is typical of bank customer notes from around the world.
A spokesman for JP Morgan for the region did not immediately respond to a request for comment.
The BDDK also indicated that it was examining allegations that "some banks" would have caused customers to purchase foreign currency in a manipulative and deceptive manner, and that the necessary administrative and judicial procedures would be followed.
The watchdog did not specify what these banks were, nor whether they were Turkish or foreign.
Total deposits and foreign exchange funds, including precious metals of Turkish nationals, hit a record $ 105.74 billion in the week to March 15, central bank data revealed Thursday.
The main Turkish index, BIST100, lost 3.45% at the close on Friday, while the banking index lost 6.64%.
Report by Umit Bektas, Nevzat Devranoglu and Jonathan Spicer; Written by Ali Kucukgocmen; Edited by Clelia Oziel
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