Turkey fines banks $30 million after client complaints

Turkey’s banking regulator imposed financial penalties on seven banks totalling 204.7 million liras ($30 million) following complaints from individual and institutional clients.

The regulator did not provide further details in a statement on Thursday. It did not name the banks and added that an investigation was proceeding without pause.

The Turkish authorities have introduced measures requiring banks to lend more to the economy and have ratcheted up fines and other measures in order to control their financial activities. The steps come as the government seeks to spur economic growth and stabilise the currency markets following the outbreak of COVID-19.

Some foreign investors and economists have said that the measures are making government policy less predictable, discouraging institutions in Turkey and abroad from putting capital to work.