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TURKEY: CBRT Raises RRR for Short-Term TRY Deposits

TURKEY
BulletEM BulletEmerging Market News
  • The central bank has announced simplification steps “in light of the rising share of Turkish lira deposits,” according to a statement published late yesterday. The reserve requirement ratios for short-term TRY deposits was raised to 17% from 15%, while the ratio for TRY-denominated required reserves that should be maintained for FX deposits was cut to 4% from 5%.
  • The move follows the CBRT’s rate decision yesterday, where it kept the one-week repo rate unchanged at 50%. Despite the rate decision itself being in-line with expectations, the Bank’s forward guidance shifted in the dovish direction, potentially gearing towards a cut at the December meeting. Our full review can be found here.
  • Labour unions in Turkey have launched a campaign to secure political backing for an increase in the minimum wage, pressing authorities for adjustments, Hurriyet report. The unions are focused on the current minimum wage of TRY 17,002, which has remained unchanged throughout 2024 without an interim increase.
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  • The central bank has announced simplification steps “in light of the rising share of Turkish lira deposits,” according to a statement published late yesterday. The reserve requirement ratios for short-term TRY deposits was raised to 17% from 15%, while the ratio for TRY-denominated required reserves that should be maintained for FX deposits was cut to 4% from 5%.
  • The move follows the CBRT’s rate decision yesterday, where it kept the one-week repo rate unchanged at 50%. Despite the rate decision itself being in-line with expectations, the Bank’s forward guidance shifted in the dovish direction, potentially gearing towards a cut at the December meeting. Our full review can be found here.
  • Labour unions in Turkey have launched a campaign to secure political backing for an increase in the minimum wage, pressing authorities for adjustments, Hurriyet report. The unions are focused on the current minimum wage of TRY 17,002, which has remained unchanged throughout 2024 without an interim increase.