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ARTICLE · 22 JULY 2020

The CBRT Increased Foreign Currency Reserve Requirements

Esin Attorney Partnership
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The Central Bank of the Republic of Turkey (the "CBRT") amended Communiqué No. 2013/15 on Mandatory Reserves (the "Amendment").

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
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Recent Development

The Central Bank of the Republic of Turkey (the "CBRT") amended Communiqué No. 2013/15 on Mandatory Reserves (the "Amendment").

What's New?

Previously, the CBRT had taken many steps, including but not limited to reserve requirements, to combat the impact on the economy of the COVID-19 pandemic.

This time, the CBRT adjusted the reserve requirements in accordance with the normalization process.
Pursuant to the Amendment, reserve requirement ratios have been increased by 300 basis points in all foreign currency liabilities for all banks.

As of July 10, 2020, the following foreign currency reserve requirement ratios are applicable to banks that are not eligible to benefit from reserve requirement incentives:

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