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Central Bank, Banking Sector Discuss Latest Macroprudential Adjustments

TURKEY
  • The banking sector held a meeting with the central bank yesterday to express the difficulty of the situation it is in following adjustments to the CBRT's macroprudential measures, Ekonomi report. According to information obtained from both Ekonomi’s banking sector sources and Reuters sources, the new central bank Deputy Governor Cevdet Akcay attended the meeting and listened bankers' concerns. According to Reuters, the CBRT stated that it is "aware of the difficulties" but that the regulations are "necessary" for a healthy transmission mechanism.
  • Another banking sector source pointed out that there is a possibility of a double interest rate emerging with low interest rates given to savers who have never entered KKM and are only TRY deposit customers, and high interest rates paid to TRY depositors when their KKM accounts mature.
  • As part of the first step to discouraging saving in KKM accounts, the banking sector has stopped opening such accounts on mobile devices and online, Ekonomi say.
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