Turkey to open inquiry after complaints against US bank “overthrew currency”

NEW YORK, NY - MAY 14: A man is reflected in a sign outside of the JPMorgan Chase headquarters on May 14, 2012 in New York City. Following a $2 billion trading blunder, JPMorgan Chase's chief investment officer Ina Drew retired and will be succeeded by Matt Zames, an executive from JPMorgan's investment bank. At least two others are also being held accountable for the mistake. (Photo by Justin Sullivan/Getty Images)

UNITED STATES (VOP TODAY NEWS) — Turkey’s banking regulator said it opened an investigation into complaints against US investment bank JPMorgan and other banks after the lira fell more than 4 percent on Friday.

The agency said on Saturday it had received complaints that the report published by JPMorgan last Friday damaged the reputation of Turkish banks and caused a volatile financial market. She added that the necessary “administrative and judicial measures” will be taken in this regard.

The Turkish Capital Markets Authority said on Saturday it had opened an investigation after receiving complaints that the report was “misleading” and that it encouraged stock speculation in the Istanbul Stock Exchange.

A spokesman for JPMorgan in the region declined to comment.

The main index of the Turkish bourse fell more than 4% against the US dollar last Friday, the largest decline in one day since the currency crisis in August, which raised concerns about the willingness of the Turks to buy foreign currency, with the deterioration of relations with the United States.

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