Turkey's central bank has taken new steps in line with its goals to increase the effectiveness of market mechanisms, after raising interest rates to 15 percent from 8.5 percent.
According to the Central Bank, securities maintenance regulations in Turkey have been simplified to enhance the effectiveness of market mechanisms and support overall financial stability. He pointed out that the decision comes within the framework of the policies announced after the meeting of the Monetary Policy Committee, and that the simplification process will continue gradually.
The maintenance rate of securities that Turkish banks have to allocate to their foreign currency deposits has been reduced to 5 from 10 percent. With the new regulations, the securities that banks must maintain ranged from 3 to 12 percent of their lira deposits.
Source (CNBC Arabic Website, Edited)
