The Turkish government has closed its banking and credit cards for commercial purposes, and banks have been forced to stop processing payments.
The country’s central bank said in a statement late Wednesday that commercial banks have ceased business in the country’s three biggest banks.
“The banking system is completely closed,” the statement said.
In the wake of the announcement, Turkey’s Central Bank has said it is working on “rethinking the countrys banking system and the payment system,” according to the AP news agency.
However, the government has maintained that the banking system was intact and that banks will continue to process transactions.
Tunisia’s central banks have also imposed capital controls, while the European Union is trying to impose tighter capital controls in a bid to curb the flow of money from the country.