Turkey’s Central Bank Imposes Temporary Limits on Papara Transactions
1 November / Gazetealanya.com
Turkey’s Central Bank (TCMB) has announced that temporary daily limits will be imposed on operations of the payment system Papara, following a prosecutor’s investigation into illegal betting.
The announcement states that Papara is now under the administration of TMSF (Savings Deposit Insurance Fund) as a trustee (kayyım), and that payment and electronic money operations will be subject to restrictions during the investigation.
TCMB emphasized that users’ funds in Papara and payment/electronic money institutions are safeguarded in “protection accounts” with banks, in accordance with Article 22 of Law No. 6493.
It was also stated that Papara will announce the specific limits and the procedures for lifting them.
