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CBRT Announces New Measures to Boost TRY Deposits

TURKEY
  • The CBRT has announced a series of measures to simplify regulation, including the termination of some securities maintenance practices, an exemption for investment goods in export loans, and adjustments to encourage the conversion of FX deposits into TRY accounts. “Changes will be made to the practice of charging commissions on reserve requirements for FX deposits in order to increase the share of Turkish lira through the renewal of FX-protected accounts”, the statement said.
    • The full list of measures can be seen here.
  • Concerns about Turkey’s economic program are misplaced, Treasury and Finance Minister Simsek said at a panel event in Saudi Arabia. “Across the board, there are good signs… The key is patience. We believe that we have the backing of President Erdogan,” he said as per Hurriyet, adding that concerns about the longevity of the program and the efforts “are probably misplaced.”
  • Foreign Minister Fidan speaks at press conference with his Danish counterpart Lokke Rasmussen at 1400BST/1600 local time in Ankara. Trade Minister Bolat visits Egypt. There are no notable data releases on the docket today.

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