The Central Bank of the Republic of Turkey (CBRT) has made changes to the reserve requirement application in order to support the monetary transmission mechanism.
According to the announcement made by the CBRT regarding the macroprudential framework, the Central Bank made changes in the reserve requirement practice in order to support the monetary transmission mechanism.
Accordingly, the monthly increase target for banks with a real person TL deposit share between 45% and 50% was raised to 0.8 points. For banks with a real person TL deposit share exceeding 60%, the monthly increase target was lifted and a condition was imposed to remain above 60%.
NEW REGULATION IN KKM
The legal entity KKM was included in the total target calculation regarding the transition and renewal of the Currency Protected Deposit (CCD). The interest rate upper limit applied to the required reserve amount to be established for TL deposits according to the transition rate level to TL was increased to 84 percent of the policy interest rate. The blocked reserve ratio in TL required reserves was also increased by 5 points. It is stated that the TCMB, which emphasizes the message that “additional steps can be taken to support TL deposits” in its monetary policy texts, may take new steps in this direction if deemed necessary.
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2024-08-30 09:43:00