Turkey blocked three international banks from trading its currency Thursday, an effort to stymie investors who are betting that the country’s weak financial standing will continue to deteriorate. Turkey’s banking regulator said units of Citigroup Inc., BNP Paribas SA and UBS Group AG can no longer process transactions involving Turkish lira. It determined that the lenders had failed to fulfill their liabilities in Turkish lira transactions with Turkish banks. The watchdog didn’t say how long the ban would remain in force.

Source: Wall Street Journal May 07, 2020 18:11 UTC