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​Central Bank Begin Simplification of Macroprudential Framework

TURKEY
  • Note today is the last full day of trading this week ahead of the Eid holidays beginning Tuesday afternoon.
  • The CBRT has lowered the securities maintenance ratio to 5% from 10%, according to a decree published in the Official Gazette on Sunday. The ratio was increased twice from 3% to 10% in the last two years in order to support the conversion of foreign currency deposits to lira deposits as a part of the “liraization strategy.” The move marks some of the first steps to more rational monetary policy, as pledged by Treasury and Finance Minister Mehmet Simsek. The central bank say, “The simplification process will continue in a gradual manner.”
  • The government’s new economy team is analysing the sales of companies such as Turkish Airlines, Turk Telekom and Botas, Cumhuriyet report. It’s claimed that the government wants to attract $100 billion of foreign capital mainly from the Gulf.
  • The President of the Turkish Clothing Manufacturers' Association stated that after the wage hike, the cost of a minimum-wage employee to the employer, including food, service and kindergarten aids, reached $800, and warned that if no action is taken, job closures and employment losses will increase in the sector.
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