Central Bank increases reserve requirement ratios for FX May 28, 2019 0 7 The Central  Bank  of Turkey (CBRT) on May 27 increased reserve require
Central Bank increases reserve requirement ratios for FX May 28, 2019 0 7 The Central  Bank  of Turkey (CBRT) on May 27 increased reserve requirement ratios for foreign  exchange  (FX) deposits to support financial stability. The rise came in 200 basis points, the bank said in a written statement. “As a result of this, $4.2 billion of FX liquidity will be withdrawn the market,” the CBRT added. The decision covers FX deposits and participation funds for all maturity brackets. The bank lowered the ratio  two times in 2019, in February and May, respectively. During May, the U.S. dollar/Turkish lira exchange  rate hovered between 5.97 and 6.21, while it was 6.07 as of 10 a.m. (0700GMT) on May 27. The bank’s reserves were $96.3 billion as of March, with $74 billion foreign  currency reserves and $20.8 billion gold reserves. Hurriyet Daily News
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