​Clarification: BRSA denies meeting with banks

TURKEY - In Brief 11 Aug 2018 by Atilla Yesilada

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I’ve reported this morning that BRSA has called an emergency meeting with banks. I’ve based this market brief on reports from Bloomberg News and IPA, both of which were linked at the end of the commentary. Later BRSA denied such a meeting was called. Nevertheless, my contacts with several bankers determined that BRSA board did meet to discuss banks’ condition, while banks were instructed to keep personnel on duty over the weekend in case more data on F/X and derivatives exposure were needed. I’m constantly juggling duties as analyst and reporter, since Turkish main stream media has failed to do the latter. I thought it was incumbentupon me to inform my audience about a meeting, where important proposals could be submitted to President Erdogan. If this was an error of judgment, my sincerest apologies. I and Dr Murat Ucer will jointly write a note on Sunday evening to summarize and analyze all we know about what is going on and what might happen in the pre-Eid week.