Deputy PM says forex players’ money to remain in Turkey through new regulations

ANKARA

Turkish forex players’ money will remain within the country in line with new regulations, Deputy Prime Minister Nurettin Canikli has stated.

According to a set of new forex rules, announced last week, it will be illegal for Turkish residents to hold accounts or trade leveraged forex products abroad with foreign brokers that do not hold the required license from Turkey’s Capital Markets Board (SPK).

“We are issuing these regulations in a bid to avoid the outflow of money from the country,” Canikli said on July 9, state-run Anadolu Agency reported. 

Last February, the authorities introduced other restrictions and lowered the maximum leverage from 1:100 to 1:10, while setting the minimum required sum to open a forex trading account to 50 000 Turkish Liras or its equivalent in another currency, in a bid “to protect small forex players from highly speculative transactions.”

Canikli said the new regulation should be considered “in line with the sovereign rights of the Turkish Republic.”