Turkey raises banks’ gold and FX reserve levels

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CBRT

The Central Bank of the Republic of Turkey announced a sharp rise in the reserve ratios for foreign currency and precious metals for the country’s banks on September 15.

It raised the reserve ratios for both types of asset by 200 basis points, with effect from September 17. The central bank has previously raised reserve requirements in an attempt to reduce inflation and strengthen the Turkish lira without directly raising policy rates.

The CBRT also announced it had signed memorandums of

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