Turkish watchdog says Halkbank Iran trade financing in line with laws

November 19, 2012, Monday/ 12:15:00/ REUTERS

Turkish state-run lender Halk Bankası's trade financing with Iran is in line with regulations, the head of a Turkish banking watchdog said on Monday.

Speaking at a meeting with journalists, Banking Regulation and Supervision Agency (BDDK) Chairman Mukim Öztekin also said Halkbank was managing the process well.

Halkbank's transactions with Iran came into focus after Dec. 31, when US President Barack Obama signed into law a fresh set of sanctions targeting financial institutions that deal with Iran's central bank to stem the flow of oil revenues and persuade Tehran to abandon a suspected nuclear weapons program.

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