MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: US OCT CONSTRUCT SPENDING +0.4%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

TURKEY: Central Bank Takes Additional Steps to Reduce Excess TRY Liquidity

TURKEY
EM BulletBulletGlobalEmerging Market NewsRegion
  • The reserve requirement ratio for short-term lira deposits will rise to 15% from 12%, and will increase to 10% from 8% for long-term lira deposits, the central bank said in a statement early Saturday. Meanwhile, the reserve requirement ratio for foreign currency deposits that can be kept as lira was cut to 5% from 8%. The steps were taken “to support macrofinancial stability and the monetary transmission mechanism,” the central bank said.
  • According to Bloomberg, the central bank’s net funding to lenders was a negative TRY 394.9bn ($11.6bn) on Friday, the lowest since May 23, indicating that the central bank has become a borrower of liras from banks. The changes mark the latest in a series of efforts to mop up excess lira liquidity in the financial system, primarily in a bid to supplement the tight stance of monetary policy.
  • There are no major economic releases scheduled for today. President Recep Tayyip Erdogan is in New York where he will participate in the annual session of the United Nations General Assembly (UNGA).
170 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The reserve requirement ratio for short-term lira deposits will rise to 15% from 12%, and will increase to 10% from 8% for long-term lira deposits, the central bank said in a statement early Saturday. Meanwhile, the reserve requirement ratio for foreign currency deposits that can be kept as lira was cut to 5% from 8%. The steps were taken “to support macrofinancial stability and the monetary transmission mechanism,” the central bank said.
  • According to Bloomberg, the central bank’s net funding to lenders was a negative TRY 394.9bn ($11.6bn) on Friday, the lowest since May 23, indicating that the central bank has become a borrower of liras from banks. The changes mark the latest in a series of efforts to mop up excess lira liquidity in the financial system, primarily in a bid to supplement the tight stance of monetary policy.
  • There are no major economic releases scheduled for today. President Recep Tayyip Erdogan is in New York where he will participate in the annual session of the United Nations General Assembly (UNGA).