Turkey will allow payment agencies to hold the required deposit of 1 million lira ($169,425) at the central bank in the form of a sukuk as well as in the form of cash or government debt securities, a statement in the Official Gazette said on Friday.
Turkey’s BDDK banking watchdog will be able to impose a requirement of additional equity on payment agencies to allow them to operate, the statement also said, adding that such institutions will not be allowed to work in areas other than operating payment systems.
Source Reuters