Turkey Cash Reserve Ratio

Turkey’s central bank cut its forex required reserves by 50bps for all maturity brackets on Tuesday, adding $1.5 billion liquidity to the financial system, in an attempt to support the country's currency. It also reduced banks' borrowing limits to TRY 22 billion with effect from Wednesday. The move comes as the lira lost more than 5 percent of its value against the US dollar so far this year. The central bank, which raised rates for the first time since 2014 in November, is expected to hike borrowing costs when it meets on January 24th.