The Central Bank of Turkey (CBRT) changed reserve requirement ratios to support financial stability on Monday.
'Reserve requirement ratios for FX deposits/participation funds have been increased by 100 basis points for all maturity brackets, and the remuneration rate for US dollar-denominated required reserves, reserve options and free reserves held at the CBRT has been decreased by 100 basis points and set as 1%,' it said in a statement.
The bank expects nearly $2.1 billion of FX liquidity withdrawn from the market as a result of the move.
By Tuba Sahin
Anadolu Agency
energy@aa.com.tr