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.”
USD/TRY keeps gains
As of writing, USD/TRY adds 0.17% to trade at 7.8825, having hit a daily high of 7.8916 on the central bank’s announcement.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
