Turkey: Central Bank lowers required reserve ratio for foreign currency positions

The Turkish Central Bank on Wednesday said it decreased required reserve ratio, or RRR, for foreign currency positions by 0.5 to 2.5 points.

RRR was lowered to 11 percent from 11.5 percent on checking accounts at notice, current accounts, participation accounts and deposit accounts with up to one-year maturity.

The rate was decreased to 9 percent from 9.5 percent on foreign currency deposit accounts and participation accounts with a maturity of over a year as well as on cumulative deposit accounts.

RRR on liabilities with a maturity of over three years was lowered to 6 percent to 8.5 percent.

The Monetary Policy Board of the bank said it expected the reduction would inject nearly $1.3 billion to the market. 

5 October 2011
MEDIA