USD/TRY: Turkish lira drops to 7.8915 after CBRT revises banks' reserve requirements

The Turkish central bank, the CBRT, revised banks' reserve ratio requirements, the Official Gazette showed on Friday.

The new rules will take effect on Dec. 11, according to the Gazette.

Key details

“The CBRT lifts rule linking banks' reserve ratio requirements to their credit growth level.”

“The required reserve ratio for lira deposits with a maturity of up to three months was set at 6%, those up to 6 months at 4%, those less than a year at 2% and 1% for maturities of one year or longer.“

“For foreign currencies, the ratio for deposits with a maturity of less than a year was set at 19% and at 13% for maturities of one year or longer.”