Online broker FxPro has informed its clients about changes to trading conditions regarding the Turkish Lira (TRY).

Trading in Turkish Lira pairs (USD/TRY and EUR/TRY) is temporarily set to close-only, meaning that clients of FxPro are unable to open new positions for the time being.

Traders can still close any currently open positions, and the pairs will be available for placing orders again as soon as possible, the broker says.

In the meantime, the Central Bank of the Republic of Turkey has issued the following press release on the recent market developments:

“The Central Bank of the Republic of Turkey implements floating exchange rate regime and has no commitment to any exchange rate level. Exchange rates are determined by supply and demand conditions according to free market dynamics. Under certain conditions, the Central Bank may only intervene in excessive volatility without aiming any permanent direction. In FX markets, unhealthy price formations are being observed that are unrealistic and completely detached from economic fundamentals.

The CBRT deemed it necessary to warn our companies and citizens against possible losses by trading at values completely detached from economic fundamentals under extremely volatile market conditions”.