Turkey: Banking watchdog continues normalization steps

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish banking watchdog Tuesday removed the implementation of a settlement delay for FX and gold purchases, as part of the normalization process.

As part of the settlement delay, decided in May 2019 by the Banking Regulation and Supervision Agency (BDDK), FX (over $100,000) and gold (over 100 gr) purchases by individuals were transferred to their accounts with a one-working day delay.

Meanwhile, some other implementations, such as flexibility for delayed loans, against the adverse effects of the pandemic on the economy will continue in 2021, the BDDK said.

The COVID-19 pandemic, which appeared in December 2019 in China firstly, affected several economic activities and financial policies.