IG Securities, the Japanese division of the IG Group brokerage company, announced a change in the margin rate for Turkish Lira (TRY) currency pairs due to the upcoming elections in Turkey.

From March 26, the margin rate for new positions in TRY/JPY, CHF/TRY, EUR/TRY, USD/TRY, and GBP/TRY has been increased to 15%.

At the same time, the company emphasized that the increase in rates will not affect the existing positions.

On March 31, local elections will be held in Turkey. More than 30 Turkish political parties will take part in them, including the "Justice and Development Party," whose leader is Recep Erdogan.

In addition, Turkey's central bank recently raised its key interest rate to 50%.

These two factors have led the broker to move TRY into the risky assets section.

The broker points out that the change is temporary and will be reversed at IG's discretion after the Turkish elections.