Foreign wires via non-banks
at market-rate liras
Money transfer companies to
sell dollars back to Central Bank
The Central Bank (BDL) has issued a circular instructing non-banking electronic money transfer companies to convert foreign currency funds electronically transferred from abroad into lira at prevailing market rates, and pay it out in the local currency.
The money transfer companies will also have to sell the foreign currency proceeds of these transfers back to the Central Bank through the newly-established special unit of the Directorate of Currency Operations at BDL.
Date Posted: Apr 16, 2020