Turkish central bank tightens reserve regime for lenders

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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