Tuesday, July 26, 2011

Turkish central bank lowers rates

Turkish central bank lowers rates of compulsory reserves on deposits in support of the lira

The Turkish central bank on Monday cut the mandatory reserve ratio on bank deposits of foreign exchange also suspended the daily purchase of about $ 30 million and to reduce the depreciation of the lira.

Where the reduction of reserves on foreign currency deposits for a period of one year to 10% from 11%, the percentage of reserves up to three years Vtm reduced to 10% from 11.5%, while the reduction of reserves on deposits in foreign currency for more than three years to 9% instead of 11%.

It is expected to contribute to the move to add $ 590 million of liquidity into the banking system as of the fifth of August / August.

The Turkish lira fell against the dollar by 0.6% to the 1.7075 level at about twelve o'clock and nine minutes after ten pm Istanbul time, having lost in earlier trading 2.2%.
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