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Turkish banking regulator caps banks' currency swap transactions

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Turkish banking regulator caps banks' currency swap transactions

Turkey's Banking Regulation and Supervision Agency said it has further lowered the limit for Turkish banks' currency swaps, spot and forward transactions with foreign counterparties to 25% of their regulatory capital.

The agency earlier said the limit would be 50% of banks' regulatory capital.

The ratio will be calculated daily on a consolidated and individual basis and that further transactions will not be executed or renewed until the current excess of the amount is eliminated, the agency noted.

The move comes amid declines in the value of the Turkish lira against the U.S. dollar following sanctions imposed by the U.S. on Turkey's justice and interior ministers and after U.S. President Donald Trump threatened to double tariffs on Turkish steel and aluminum.