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Financial News: Turkey Central Bank Raises Forex Reserve Requirement

Turkey Central Bank Raises Forex Reserve Requirement

05/27/2019 - 06:42:00 (RTTNews)

(RTTNews) - Turkey's central bank raised the reserve requirement of foreign currency lenders on Monday.

"Reserve requirement ratios for FX deposits/participation funds have been increased by 200 basis points for all maturity brackets to support financial stability," the bank said in a statement.

This move will withdraw about US$4.2 billion liquidity from the market, the bank added.

Earlier this month, the central bank had adjusted forex maintenance facility to support financial stability. The action was estimated to absorb around US$3 billion foreign exchange liquidity.

The bank had kept its key interest rate unchanged at 24 percent for five consecutive meetings. The previous change in the rate was a massive hike in September.

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