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CBRT RR Tweaks See Marginal Policy Tightening, But Minimal Effects Expected on TRY

TURKEY
  • This morning the CBRT moved to raise its reserve requirement ratios of FX deposits by +200bp in a move aimed at slowing dollarization and protecting its reserves. This marks the fourth increase in RRRs on FX deposits by the CBRT.
  • The CBRT also cut the amount of gold banks are allowed to hold as part of their lira reserve requirements, effectively increasing the amount of local currency that lenders are required to hold at the central bank.
  • These changes are expected to increase the TRY-denominated required reserves by TRY7.4bn and the FX-denominated required reserves by US$3.8bn.
  • However, as with the previous tweaks, the effects on TRY are expected to be minimal – with markets more concerned with the long-term ramifications of the current easing bias on TRY volatility.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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