Central Bank decides to apply interest on Turkish Lira reserve requirements
The CBRT has decided to apply interest to Turkish Lira reserve requirements in order to strengthen the monetary transmission mechanism, increase the share of TL deposits, and support the transition from FX-protected deposits (KKM) to TL deposits.
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The Central Bank of the Republic of Türkiye has released a statement regarding the matter.
INTEREST DECISION
According to the Central Bank's announcement, in order to strengthen the monetary transmission mechanism, increase the share of TL deposits, and support the transition from FX-protected deposit (KKM) accounts to TL deposit accounts, interest will be applied every 3 months to the reserve requirements maintained for TL deposits with maturities longer than 1 month and KKM accounts of deposit banks that meet the specified conditions.
For participation banks, a reduction will be provided in the amount of reserve requirements that must be maintained in Turkish Lira, in a way that will provide a similar effect.