Turkey increases reserve requirements on forex deposits

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CBRT

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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