IG Securities, the Japanese subsidiary of electronic trading major IG Group, today announced changes to the spread 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 has increased to 15%. There will be no changes to existing positions.
The reason for the change is the upcoming local elections in Turkey scheduled for March 31, 2024. In addition, the Turkish central bank recently raised the key interest rate to 50%. This is why the stockbroker has labeled the Turkish currency as risky.
Please note that this change is temporary and will revert at IG’s discretion starting next week.
The broker apologizes for the inconvenience and appreciates the traders’ understanding.