Turkey increases reserve requirements on forex deposits
Authorities aim to discourage citizens from transferring their assets into other currencies, weakening the lira
The Central Bank of the Republic of Turkey raised reserve requirement ratios on foreign exchange deposits in a bid “to support financial stability”, the central bank said today (August 5).
The institution increased the reserve requirement ratio on foreign currency deposits by 100 basis points to 14%. Additionally, it reduced by the remuneration rate for US dollar-denominated required reserves, reserve options and free reserves held at the central bank by 100bp to 1%.
Turkish authorities want
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