Turkey CenBank Slashes RRRs On FX Deposits

The Central Bank of Turkey is reducing the required reserve ratio on banks’ long term FX deposits.

The Central Bank of Turkey is reducing the required reserve ratio (RRR) on banks’ long term FX deposits, Reuters reports. The RRRs on banks’ one-year FX deposits will go down from 11% to 10%.

RRRs on deposits of up to three years will be lowered from 11.5% to 10%. The move will contribute $590 million of added liquidity to the market. The central bank will also cut daily FX auctions.

Click here for the story from Reuters.

Click here for additional coverage from Sharenet.