Turkey's Central Bank tweaks reserve ratios for foreign currencies

To support financial stability, Turkey's central bank has increased reserve requirement ratios for Forex deposits/participation funds 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 Central Bank of the Republic of Turkey has been decreased by 100 basis points and set as 1 percent, according to official sources.

As a result of these revisions approximately USD 2.1 billion of foreign currencies will be withdrawn from the market.