In Germany, banks tighten their control for operations in Turkey

За банками Германии ужесточают контроль при операциях в Турции

The headquarters of Deutsche Bank in Frankfurt am main

The financial Supervisory authority of Germany increases the control current Turkish banks in Germany in light of the recent collapse of the Lira.

The Federal office for supervision of the financial sector (BaFin) will be harder to control the operation of German banks in the performance of their operations in Turkey. On Saturday, August 25, the newspaper reported, financial markets Germany’s Börsen-Zeitung, citing sources.

According to her, the financial institutions should be regularly – at least several times a week – to report to the Supervisory authority of Germany about their activities. Speech can go about tens of banks. BaFin relevant information has not yet commented.

According to experts, such supervision, in particular related to the recent collapse of the Turkish Lira. Moody’s and S&P in mid-August downgraded the rating of Turkey due to the collapse of the national currency, Moody’s from Ba2 to Ba3 and the S&P from BB – to B+.

The following year, according to S&P forecasts the Turkish economy expects a recession.

Source: Russian service of DW


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