The Central Bank of the Republic of Turkey (CBRT) has taken a new step to encourage investors to deposit in long-term Turkish Lira (TL). The CBRT will calculate the transfers to TL deposits with a maturity longer than 3 months at the security facility as 1.5 times.
The purpose of this step was determined as encouraging investors to prefer long-term TL deposits and aiming to protect the value of TL. Thus, investors will be better protected against currency risk by investing in longer-term TL deposits.
In addition to this decision, the CBRT also made changes in required reserves last weekend. With the decision published in the Official Gazette, the additional required reserve ratio of 5 points applied in case the ratio of banks’ TL deposits to total deposits is below 60 percent was reduced to 57 percent.
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