Lira Sellers Stripped of Anonymity in New Turkish Rules
(Bloomberg) - Money changers in Turkey must register their customers' identities under new rules enacted after the lira hit another low this week.
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Previously, only customers whose transactions were worth $ 3,000 or more were asked to provide personal information.
"This new practice only aims to reduce the informality in the industry, to increase the degree of institutionalization and to ensure compliance with international regulations," said the Ministry of Finance and Finance on Wednesday. "It does not involve any intervention in the currency markets."
The Turks are buying foreign currencies to protect themselves against a weakening currency and rampant inflation, which accelerated to just under 20% in September. According to central bank data, local foreign exchange deposits as of October 1 were $ 232.7 billion. That is 20% more than at the beginning of 2020.
Turkey rate shock endangers reserves, damages credibility: analysts
The Turkish lira has weakened since the central bank unexpectedly cut rates on September 23 and topped 9.1 against the US dollar on Wednesday. It ranks worst of the emerging market currencies tracked by Bloomberg, down 18% this year.
The new regulations were published in the Official Journal on Tuesday.
(Updates with the latest Lira case.)
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