Turkey’s banking watchdog fines 18 banks for violating pandemic measures: report

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Turkey's Banking Regulation and Supervision Agency logo.

Turkey’s banking regulator has fined 18 banks for conducting transactions against its orders totaling 102.1 million lira ($15 million/13.4 million euros), local media reported, according to the SeeNews website.

The Banking Regulation and Supervision Agency (BDDK) fined the unnamed banks after receiving complaints from individual and corporate clients during the coronavirus crisis, Daily Sabah quoted the BDDK as saying in a statement on Friday.

An inquiry into the complaints is ongoing, the banking watchdog said.

In May, the BDDK imposed penalties of 19.65 million lira in total on 15 local banks after they failed to comply with new rules introduced to curb the economic impact of the coronavirus outbreak.

To support the economy during the coronavirus pandemic, the BDDK introduced new rules for banks to provide flexibility on loan repayment for companies, meet clients’ credit demands and facilitate debt restructuring with reasonable interest rates.

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