Join our 1,296,793 Subscribers

Get Hottest Naija News straight to your inbox!

165,554FansLike
68,466FollowersFollow
984,000FollowersFollow

BUZZING

Home Finance JP Morgan to be investigated by the supervisory body of Turkey’s banks

JP Morgan to be investigated by the supervisory body of Turkey’s banks

- Advertisement -

On Friday when the main share index dropped sharply, lira nose-dived by more than 4%. This is when a complaint was launched and the Turkish bank watchdog took JP Morgan Chase and other banks into an investigation.

The report made known by JP Morgan on Friday lead to an agitation the financial market. As this announcement hurt the financial reputation of the banks of Turkey a complaint was filed under the BDDK controller, the next morning. The BDDK also commented that necessary judicial and the executive process will be followed.

A query was launched on JP Morgan Chase by the Capital Market Board of Turkey, as the reports released by one of the most powerful banks were misleading and caused unnecessary conjecture on the Istanbul trading and exchange markets.

When an employee from JP Morgan Chase was asked to comment on this, he politely refused to do so.

A report was released on Friday administering the falling difference between lira against the US dollars by 4%. This is the biggest fall transpiring in a day after the financial crisis that took complete control in August, in the previous year. This raised serious concern about the developing relationship with Washington is leading the Turks to buy more and more foreign cash.

The actions of the regulator were the immediate measures taken to get hold of the sharp falling off of lira’s value. On Friday the Central bank announced about the suspension of the auction for an indefinite period of time that was about to be conducted for an entire week. This was a major step taken to crush the liquidity of the US market and support the growth of lira.

The reports released by JP Morgan indicated that after the local elections have been conducted on 31st of March the value of lira will start to drop even more. The clients of the stock market are being suggested by the banks globally to sustain on US dollars.

According to the officials of the BDDK the clients were mislead and manipulated into the buying of foreign currencies, which has definitely aroused suspicion in the global market and necessary legal actions will be preceded in no time.

Even after being repetitively questioned by the reporters, the BDDK watchdog refused to reveal whether the banks that misled their clients were supposedly Turkish or any foreign association. After the stock market was closed on Friday the main index of Turkey BIST100 dropped by 3.45% and the index of the bank fell by 6.64%.

Bo Walkden
Bo Walkden graduated from the University of Tennessee with a major in biology and a minor in Sociology. Bo grew up in Nashville but moved to Memphis for college. Bo has written for several major publications including the Knoxville News Sentinel and NPR. Bo is a community reporter and also covers stories important to all Americans. Contact Email: bo@36naija.com Phone: 720.213.5824

JUST IN

BIAFRA: ‘Muhammadu Buhari Must Release Sowore’ – Nnamdi Kanu Urges UN

The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has told the United Nations to mediate on President Muhammadu Buhari's refusal to...

Naira Marley’s Fraud Trial Set To Start Next Month

Controversial Nigerian music star, Azeez Fashola aka Naira Marley will be back in court on October 22nd for the commencement of his fraud trial. 36NAIJA...

Former Chelsea Player, Didier Drogba Named As Ballon D’or Ambassador

On Thursday, Didier Drogba was chosen as the France Football’s Ballon d’Or ambassador according to 36Naija Sports. The Cote D'Ivoire star will co-host the award...

Ycee Attacks Tinny Entertainment For Not Paying Him His Royalties

Nigerian rapper, Ycee has taken to his Instagram handle to slam his former record label, Tinny Entertainment for not paying him after the music...

Victor Lindelof Extends Manchester United Stay

Manchester United defender, Victor Lindelof has signed a new 5-year contract at the club. The 25-year-old Swedish international has committed his long-term future to Old...

Biafra: Nnamdi Kanu Speaks After Meeting With UN Officials (Photo)

The leader of the proscribed Indigenous People Of Biafra, IPOB, Mazi Nnamdi Kanu has finally reacted to the news of meeting with the United...

3 Islamic Clerics Dupe and Gang-Rape Female Victim In Ogun State

3 self-acclaimed Islamic clerics who specialize in scamming unsuspecting members of the public have been apprehended by the Ogun state police command. The suspects, who...

Kenyan Preacher Conducts Deliverance By Giving Members Hot Slaps (Video)

The video of a Kenyan pastor, James Ng’ang’a is trending on the internet as he conducts a deliverance service for his members by slapping...