The Central Bank of Turkey announced it will increase bank required reserve ratios from the 4th of February 2011. The increases are as follows: the reserve ratio for deposits up to 1-month maturity +200bps to 10% from 8%; the reserve ratio for immediate-access deposits +400bps to 12% from 8%; and the reserve ratio for deposits with a term of up to 3 months +200bps to 9% from 7%. The move is expected to drain about TRY 9.8 billion from the system, and follows a 25bp drop (to 6.25%) in the main monetary policy interest rate - which was aimed at weakening the Lira.
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