Changes in the request for reserve requirements of the Central Bank

The selective credit and quantitative tightening steps, which were emphasized in the decision of the Monetary Policy Committee (PPK) of the Central Bank of the Republic of Turkey (CBRT), started yesterday.

In this context, the Amending Notice to the Statement on Required Reserves was published in the Official Gazette.

According to the Communiqué, the legal reserve ratios for Deposits in Protected Currency were increased. Therefore, the Central Bank will ensure that excess liquidity of the Turkish lira in the market is withdrawn from the system by increasing the required reserve ratio of the Turkish lira.

In this context, as a step to encourage the transition to time deposits in Turkish liras, the obligation to establish a legal reserve of 15 percent was imposed on accounts with exchange collateral.

Mandatory reserves will be established as of August 4 on the liabilities that will be calculated as of the July 21 calculation date.

In the text of the MPC resolution dated yesterday, “The Board made decisions on selective credit and quantitative tightening to support the monetary tightening process, as well as interest rate hikes.” statement was included.