Turkish banks 'could run out of dollars' in 9 months

Turkish banks' reserves total about $80 billion, while their short-term external bank debt to foreign investors totals just over $100 billion, according to Oxford Economics. The system remains solvent because foreign investors almost always agree to roll over their FX loans to Turkish banks. But Turkey's banks remain vulnerable to mismatched maturity rates in the cross-currency swap market, analyst Nafez Zouk says. It will probably be fine. But it's worth knowing about the risk. LONDON —...