Turkey imposes restrictions on lira loans to FX rich companies – watchdog/Anadolu

ISTANBUL, June 24 (Reuters) – The Turkish BDDK banking watchdog has imposed restrictions on extending lira loans to companies with high levels of forex assets in a step to strengthen financial stability, state-owned Anadolu news agency reported on Friday.

Anadolu cited the BDDK as saying that if companies had more than 15 million lira ($908,000) worth of forex cash assets, and their forex cash assets exceed 10% of total assets or annual revenues, they will not be allowed to receive new lira loans.

The lira was 4% stronger at 16.69 against the dollar after Anadolu reported the move.

($1 = 16.5156 liras)

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Reporting by Ezgi Erkoyun
Editing by Daren Butler

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