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Turkey hikes required reserves ratios for forex liabilities

by DAILY SABAH WITH AGENCIES

ISTANBUL Sep 15, 2021 - 10:15 am GMT+3
A logo of the Central Bank of the Republic of Turkey (CBRT) is pictured at the entrance of the bank's headquarters in Ankara, Turkey, April 19, 2015. (Reuters Photo)
A logo of the Central Bank of the Republic of Turkey (CBRT) is pictured at the entrance of the bank's headquarters in Ankara, Turkey, April 19, 2015. (Reuters Photo)
by DAILY SABAH WITH AGENCIES Sep 15, 2021 10:15 am

Turkey’s central bank raised the required reserves ratio for foreign currency and precious metal deposits by 200 basis points, according to a decision published in the Official Gazette early Wednesday.

The ratio was raised to 23% from 21% for forex deposit accounts and participation funds with a maturity of up to a year, and to 17% from 15% for those with a maturity of a year or longer, the Gazette showed.

The ratio was raised to 24% from 22% for precious metal deposit accounts with a maturity of up to a year, and to 20% from 18% for those with a maturity of a year or longer.

The changes will take effect Sept. 17, the Gazette showed.

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