Central Bank of Turkey tells lenders to drop all euros from reserve holdings

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The Central Bank of the Republic of Turkey (CBRT) has told local lenders to rid their required reserves of €12.7 billion ($17.1 billion) following the single currency's recent drop in value.

The CBRT states on its website that "reserve requirements are maintained in terms of Turkish lira for Turkish lira liabilities and in terms of US dollar and/or euro for foreign exchange liabilities".

Since a few years back, however, the central bank operates a ‘reserve option mechanism' (ROM), which allows

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