Alpari Switches Trades with Turkish Lira Pairs to Close Only Mode

Alpari has taken precautionary measures against the Turkish lira volatility caused by political tensions in Ankara.

The lineup of forex brokers that have restricted trading on the Turkish lira following last week’s failed coup attempt has been growing bigger and bigger. Among the latest entries into this group of brokers is Russian retail FX broker Alpari.

In a note to its clients, Alpari said that it will transfer trades on EUR/TRY and USD/TRY currency pairs to the close only mode, effective tomorrow, July 22, 2016. On August 1, 2016, the open positions on these instruments will be closed and pending orders will be deleted. This basically means that traders will not be allowed to open new trades with the Turkish lira.

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Another broker that notified its clients that TRY pairs have been placed under trading limitations is FxPro. The CySEC and FCA regulated brokerage has transferred TRY pairs to close only mode on MT4 and MT5 accounts while they have been completely disabled on cTrader.

USDTRY Exchange Rate: Source: Bloomberg
USDTRY Exchange Rate: Source: Bloomberg

Earlier today, the Turkish lira fell to a fresh historic low of 3.0970 against the U.S. dollar after President Tayyip Erdogan announced yesterday a three-month state of emergency.

A few hours before the decision, ratings agency S&P lowered its sovereign credit outlook for Turkey to ‘negative’ from ‘stable’. The rating agency also lowered its opinion of Turkey’s local currency debt one notch to double-B plus, sweeping its lira obligations into junk as well.

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