According to a new decision published in the Official Gazette, the Central Bank of the Republic of Turkey revised its foreign currency reserve requirements to encourage savings in lira. According to this;
-Commercial banks will be required to provide a certain conversion rate from foreign currency accounts to lira accounts.
-Banks that fail to provide a 10% conversion rate for both individual and corporate accounts will have to park an additional 5 percentage points in foreign currency with the central bank.
-They will park an additional 3 percent currency points for account conversion rates of 10-20%.
-The new regulation will be implemented from 16 September.
In order to ensure that the increase in foreign currency does not exceed inflation as much as possible and to provide a certain stability, economy decision makers continue to encourage the conversion from foreign currency to lira within the framework of the micro measures taken. In this context, additional measures such as RR, especially for banks, serve this purpose in cases where the FX-linked deposit system is not dissolved and there is a slowdown in the system's self-feeding. Generally, if the foreign exchange trend on the commercial side is somewhat active, such measures may continue to be implemented as needed. As many of the institutions apply alternative methods in foreign exchange orientation in order to be protected within the framework of economic uncertainty; We think that the precautionary plans to keep the FX linked deposits unsolved in the process until the elections, to ensure liraization by continuing the entries into the system, and to activate the banks with additional rules and obligations to contribute to the transformation under necessary conditions, may continue.
Kaynak: Tera Yatırım-Enver Erkan
Hibya Haber Ajansı
