Turkiye’s central bank took fresh steps yesterday to boost lira deposits, raising the ratio of bonds that banks must hold for foreign exchange deposits and requiring those with less than 50% lira deposits to hold even more bonds from 2023. The central bank raised the securities maintenance ratio required for foreign exchange (forex) deposits to 5% from 3% of deposits as of this month, and said further steps would be taken this year and next as part of its “liraisation strategy”. In 2023, lenders with less than half of deposits in lira will need to hold an additional seven percentage points of bonds, marking the latest regulatory change meant to backstop an unorthodox policy of interest rate
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