Turkish central bank tightens reserve regime for lenders

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The Central Bank of the Republic of Turkey

Turkey’s central bank has tightened reserve requirements on the country’s lenders, and extended the rules to non-bank financial companies, in a bid to cut loan volumes.

It also imposed higher reserve requirements on banks where customers fail to convert a large proportion of their foreign currency holdings to Turkish lira. The Turkish currency has come under severe pressure in recent years, leading the government to adopt a series of emergency measures.

Banks must have reserves equal to 10% of

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