Turkey increases reserve requirements on FX deposits

Authorities aim to discourage citizens from transferring assets into other currencies, weakening the lira

turkey-istanbul
Turkey’s central bank raises reserve requirement ratio on foreign currency deposits by 100bp

The Central Bank of the Republic of Turkey raised reserve requirement ratios on foreign exchange deposits in a bid “to support financial stability”, it said yesterday (August 5).

The institution increased the reserve requirement ratio on foreign currency deposits by 100 basis points to 14%. Additionally, it reduced, by the remuneration rate for US dollar-denominated required reserves, reserve options and free reserves held at the central bank by 100bp to 1%.

Turkish authorities want to

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