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Central Bank Reportedly Easing Recent Liraization Measures

TURKEY
TURKEY EASES BOND BUYING RULE FOR CARD CASH WITHDRAWALS: BHT - bbg
  • Likely referring to a recent decision published in the official gazette, whereby new regulations required banks to buy an amount of government bonds equivalent to 30% of clients’ purchases of gold or jewelry made using credit cards with limits above TRY50,000.
  • This morning, Dunya reported that most private banks hit the brakes on loans following the increase in liraization measures implemented ahead of the runoff elections on May 28.
  • In addition to those measures, the central bank imposed additional FX conversion targets for lenders, telling them to shift more hard currency into FX-protected TRY retail accounts. According to the new measures, lenders were required to buy low-yielding government bonds if they failed to achieve the additional 10% conversion target each month.
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