the U.S. central bank

Turkish markets recovered on March 19, with the Turkish Lira at its firmest in two weeks and stocks rallying as investors back into emerging markets after the U.S. Federal Reserve (Fed) sounded a cautious tone on the timing of rate hikes.

The lira rebounded to 2.5610 to the dollar earlier in the session, its firmest since the beginning of March.

The Turkish state-run bank Ziraat has notified its custormers that its New York branch, which recently came under an “enforcement action” from the U.S. Federal Reserve, will close all retail accounts by December 31. 

State-owned Ziraat Bank has dismissed questions over the reason for the U.S. Federal Reserve’s request for a money laundering action plan, describing the deal between the two parties as a “consensus reached as a result of routine auditing.”