Turkey considering raising level of forex revenues exporters must sell to CBRT to 50% from 25% - Reuters

Turkey is reportedly considering raising the level of forex revenues that exporters must sell to the CBRT to as high as 50% from the current level of 25%, reported Reuters citing sources. Turkish authorities have reportedly not yet made a final decision on the matter and could leave the requirement unchanged at 25%, Reuters added.
Market Reaction
TRY saw some moderate initial strength against the US dollar in wake of the reports, as it could mean a welcome boost to the CBRT's levels of forex reserves. USD/TRY currently trades lower by about 0.5% on the day in the 14.60s.
Author

Joel Frank
Independent Analyst
Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

















