Turkish Central Bank Raises Reserve Requirement Ratios

The Turkish Central Bank raised reserve requirement ratios for foreign currency and precious metal deposit accounts Wednesday.

Announcing the move in the Official Gazette, it increased the ratio by 200 basis points for all such accounts.

Following the decision, the ratio reached 23% for foreign currency deposit accounts — demand, notice and up to one-year maturity — and 17% for foreign currency accounts with a maturity of one year or more.

The ratios became 24% and 20% for precious metal deposit accounts with a maturity of up to one year or more than one year, respectively.

The ratio for borrower funds of investment banks also reached 23%.

The new ratios will become valid as of Friday. ​​​​​​​ -