Turkish Lira Menace
The Turkish Lira (TRY) hit a record low on Thursday following authorities announcing a crackdown on “manipulation” by foreign banks in London.
Dear Valued Partner,
This stems from rising investor concern over the country’s economic strength and ability to defend its currency during an extremely volatile period for the financial markets due to COVID-19.
We, therefore, expect TRY liquidity to be extremely thin in the coming days due to the uncertainty (possible market volatility) with wider spreads and wider swap rates (negative for both sides) of all TRY currency pairs.
Please make sure that your accounts are fully collateralized.
If you have questions, please contact your personal manager or get in touch with us via firstname.lastname@example.org