Turkey hikes required reserves ratio for FX-protected lira deposits

The central bank increased the required reserves for FX-protected lira deposits with maturities of up to six months to 30% from 25%, the gazette showed.

The required reserves ratio was increased to 10% from 5% earlier for accounts with maturities of up to one year, the gazette also showed.

The central bank introduced required reserves for all FX-protected lira deposits in July.

Separately, it also raised the required reserves ratio for foreign currency deposits by 1 percentage point for different maturity brackets.