New steps from the Turkish Central Bank to support the Turkish lira
On Tuesday 18-10-2022, the Central Bank of Turkey took new steps to support Turkish lira deposits by increasing the percentage of bonds that the bank should hold for deposits in foreign currencies, and that those with less than 50% of deposits in lira are required to keep more bonds starting from 2023.
The Central Bank of Turkey raised the rate required to hold securities for deposits in foreign currencies to 5%, from 3% in October.
The bank said it would take several steps in 2023 as part of its support strategy.
In 2023, banks with less than half of the sterling deposits will need to hold an additional seven percentage points of bonds.
It is a regulatory change aimed at supporting an unconventional policy of lowering interest rates amid rising inflation.
The yield has fallen over the last 10 years to 11.32% after the announcement of this decision.
Where it was 13.12% on Monday 17-10-2022.
A slight change occurred in the Turkish lira, recording 18.5890.
The central bank is expected to cut interest rates for the second time this week by 100 points to 11 percent.
President Recep Tayyip Erdogan stressed the need for monetary easing every month.
And that interest rates should be of only one number at the end of 2023.
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