Leading CySEC and FCA regulated broker FxPro is informing clients that normal trading activity on Turkish lira (TRY) pairs will be re-enabled on all platforms on Monday, July 25, 2016, at 12.00 (GMT+3), subject to an increase of margin requirements to 5% for all existing and new positions.
On Sunday July 17 FxPro informed clients that as a result of the attempted coup in Turkey and the increasing volatility across TRY markets, the following trading conditions were implemented upon market opening on Monday, July 18 (00:00 GMT+3): “Close Only” functionality enabled on FxPro MT4 and FxPro MT5 on all TRY pairs; trading of all TRY pairs will be disabled on FxPro cTrader.
Meanwhile, things have not gotten better in the country as the Turkish lira fell to new record lows on an S&P downgrade.
“In the aftermath of the failed coup, we believe that the risks to Turkey’s ability to roll over its external debt have increased,” said Trevor Cullinan, an analyst with S&P. “We expect that given the political uncertainty, Turkey’s policymakers will likely stray from their commitment to enact reforms intended to wean the economy away from its dependence on foreign financing.”