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Bank guards are filing complaints Friday over a report by JP Morgan that would have damaged the reputation of Turkish banks and caused volatility in financial markets, Reuters reported.
The Turkish Financial Market Council also opened an investigation after receiving complaints that a JP Morgan report was "misleading" and provoked speculation on the Istanbul Stock Exchange.
(Reuters archive)
The Turkish banking policeman said he was investigating complaints filed by JP Morgan and other banks after the fall of more than 4% of the lira and that the main stock index fell sharply on Friday.
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.
A spokesman for JP Morgan for the region declined to comment.
JP Morgan's controversial report
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 concern that Turks are buying more cash in the US. currency while ties with Washington are deteriorating.
The actions of 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 pension auctions a week "for a period of time", a policy of tightening aimed at reducing market liquidity and supporting the lira.
A copy of JP Morgan's report seen by Reuters The news agency said it saw a high risk of falling lira after local elections scheduled for March 31, recommending customers to go "long" in US dollars. This tip is typical of bank customer notes from around the world.
The BDDK also indicated that it was examining allegations that "some banks" would have caused customers to buy 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 foreign currency deposits and funds, including precious metals from the Turks, hit a record $ 105.74 billion in the week to March 15, central bank data showed Thursday.
The main index BIST100 of Turkey was down 3.45% at the close on Friday, while the banking index had lost 6.64%.
Source: Reuters
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