JP Morgan among banks to be investigated by Turkish watchdog

Turkey’s banking watchdog launched an investigation into JP Morgan over complaints about a report it published on Friday, state-owned Anadolu news agency reported on Saturday.

Turkey’s Banking Regulation and Supervision Agency's (BDDK) received complaints that the report, published on March 22, hurt the reputation of Turkish banks, causing volatility in financial markets, the agency said, noting that judicial process will be carried out regarding JP Morgan, Anadolu said.

Turkey’s banking watchdog also said it was investigating claims that other banks lead clients to buy foreign currencies in a ‘’manipulative and misleading way’’ and they too would undergo a judicial process.

The Central Bank of Turkey on Friday announced its decision to tighten its monetary stance after reports that its foreign-foreign-currency reserves had dropped unexpectedly and the lira fell as much as nearly 4 percent to 5.75 per dollar on Friday at 8:11 p.m. local time amid signs a new rift between Ankara and Washington over Israeli sovereignty in the Golan Heights.