Turkey turmoil opens door to offshore NDF market


The creation of an offshore non-deliverable forward contract for the Turkish lira is inching closer, as investors look for ways to disentangle themselves from the scrutiny of the Turkish authorities.

Market participants have expressed unease over recent actions by the country’s banking regulator to clamp down on speculation against the currency. The moves have hit liquidity in local markets, limiting ways for investors to take positions on the lira.

“Those regulatory constraints for local

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