People with direct knowledge of the matter said that the Turkish banking regulators advised commercial lenders not to distribute dividends from profits in 2021 because of a currency crash that eroded banks cash buffers.
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The regulator, known as BDDK, passed its recommendation to the lenders via Turkey's banking association, but has yet to send a formal written notice banning dividend payments, according to the people who asked not to be named due to the sensitivity of the matter.
BDDK and the banking association didn't want to say anything.
A successful risk management during the Pandemic allowed lenders to pay up to 10% of their net income as dividends last year. The central bank has started a vicious cycle of rate cuts, which eroded confidence in the lira, and led to the currency being the worst performer in emerging markets last year, with more than 40% depreciation against the dollar.
Turkey plans to inject 51.5 billion liras $3.8 billion into state banks in order to minimize the effects of the weak lira on state banks.
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