Turkish watchdogs to probe JP Morgan after lira plunge | The Daily Star
12:00 AM, March 25, 2019 / LAST MODIFIED: 12:06 AM, March 25, 2019

Turkish watchdogs to probe JP Morgan after lira plunge

Turkey's banking watchdog said it had launched an investigation into JP Morgan and other banks over complaints it received after the lira plunged more than 4 percent and the main share index fell sharply on Friday.

The BDDK watchdog said on Saturday it received complaints that a report JP Morgan published on Friday hurt the reputation of Turkish banks and caused volatility in financial markets. The necessary “administrative and judicial processes” would be followed, it said.

The Capital Markets Board of Turkey (SPK) also said it had launched a probe after receiving complaints that a JP Morgan report was “misleading” and caused speculation on the Istanbul bourse.

A JP Morgan spokesman for the region declined to comment.

The Turkish lira tumbled more than 4 per cent against the US dollar on Friday, its biggest one-day fall since a currency crisis took hold in August, raising concerns that Turks are buying more foreign cash as ties with Washington deteriorate.

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