MASAK had halted the transfer: Hedef Yatırım issues statement on 2 billion TL transaction

Hedef Yatırım Bankası A.Ş. has issued a public statement regarding the 2 billion TL swap transaction that was reported to have been halted by the Financial Crimes Investigation Board (MASAK). The bank stated that reports appearing in some media outlets and social media accounts claiming that "2 billion TL was attempted to be transferred abroad" do not reflect the truth.

The statement indicated that the transaction in question was a same-day value, reciprocal USD/TRY currency swap conducted with the Switzerland-based Swissquote Bank Ltd. The bank emphasized that the transaction was carried out within the scope of routine treasury activities.

Hedef Yatırım Bank announced that in exchange for the 2 billion TL payment, it purchased approximately 40.9 million dollars to be credited to its account at Takasbank on the same day. The bank noted that the TL amount was not sent abroad, but was transferred to Swissquote's correspondent bank account in Turkey.

The full text of the company's statement is as follows:

"Reports appearing in some media outlets and social media accounts claiming that our Bank 'attempted to transfer 2 billion TL abroad' are completely baseless.

The transaction in question is a same-day value, reciprocal USD/TRY currency swap (FX Swap) transaction that our Bank conducted with the Switzerland-based Swissquote Bank Ltd. within the scope of its routine treasury activities.

Nature of the Transaction: In exchange for a payment of 2 billion TL, our Bank is purchasing approximately 40.9 million USD to be credited to its account at Takasbank on the same day.

Money Transfer is to a Domestic Account: The paid TL amount is not being sent abroad, but is being transferred to Swissquote's correspondent bank account in Turkey. There is no unauthorized outflow of funds or money transfer abroad.

Operational Process: It is a routine part of banking operations for the TL and foreign currency legs of treasury transactions to be entered into the system or credited to accounts at different times during the day.

Respectfully announced to the public."

News Source: 12punto