IG Securities, the Japanese subsidiary of electronic trading major IG Group, today announced changes to the margin rate for Turkish lira (TRY) currency pairs.
Effective today, the margin rate for new positions in TRY/JPY, CHF/TRY, EUR/TRY, USD/TRY, and GBP/TRY is hiked to 15%. There will be no changes to existing positions.
The reason for the change are the upcoming local Turkish elections which are scheduled for March 31, 2024. Moreover, the Turkish central bank has recently raised the key interest rate to 50%. That is why, the broker has labelled the Turkish currency as risky.
Please note that this change is temporary and will be reverted at IG’s discretion starting next week.
The broker apologizes for the inconvenience and appreciates traders’ understanding.
