Turkey hikes required reserves ratios for forex liabilities
Turkey’s central bank raised the required reserves ratio for foreign currency and precious metal deposits by 200 basis points, according to a decision published in the Official Gazette early Wednesday.
The ratio was raised to 23% from 21% for forex deposit accounts and participation funds with a maturity of up to a year, and to 17% from 15% for those with a maturity of a year or longer, the Gazette showed.
The ratio was raised to 24% from 22% for precious metal deposit accounts with a maturity of up to a year, and to 20% from 18% for those with a maturity of a year or longer.
The changes will take effect Sept. 17, the Gazette showed.