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CBRT Sets Remuneration Rate of FX Free Reserves At 4.5%

TURKEY
  • The CBRT has set the remuneration rate of foreign currency free reserves at 4.5%, meaning banks will get interest for the free FX reserves they hold at the central bank. Previously, the central bank was not paying any interest.
  • Macroprudential measures can’t be a substitute for monetary policy, Turkish business association Tusiad’s Chairman Turan said as cited by Bloomberg. Turan added that the Turkish economy will need to normalise in 2H2023.
  • The government has begun preparations to offer restructuring plans for taxes, fees and social security debts, NTV reports. Debts to municipalities, student loans and water bills will be covered within the plan which is set to be discussed at a cabinet meeting on Monday.
  • Central bank Governor Kavcioglu will attend an event in Istanbul on the monetary authority’s new support package for exporters. President Erdogan will speak in a press conference scheduled for 1200 GMT/1500 local time before speaking again at 1600 GMT/1900 local time. Treasury and Finance Minister Nebati will speak at 1630 GMT/1830 GMT.
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