Date: 6 months ago   Category: Financial

Behind banks of Germany toughen control at operations in Turkey


The financial supervisory authority of Germany strengthens control of the banks of Germany operating in Turkey in the light of the recent collapse of lira. Federal department on supervision of the financial sector (BaFin) will control more rigidly work of the German banks at commission of operations by them in Turkey. About it on Saturday, August 25, the newspaper of the financial Börsen-Zeitung markets of Germany with reference to sources has reported. According to her, financial institutes will have to regularly - at least several times a week - to report to supervisory authority of Germany on the activity. The speech at the same time can go about tens of banks. BaFin doesn't comment on the relevant information yet. According to experts, similar supervision, in particular, is connected with the recent collapse of Turkish lira. The Moody's and S&P agencies in the middle of August have downgraded Turkey because of the collapse of national currency - Moody's from the Ba2 level to Ba3, and S&P - from the BB-level to "B". The next year, according to forecasts of S&P, the economy of Turkey is expected by recession. Source: The Russian service DW of News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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