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CBRT unveils fresh instructions to boost Turkish lira attractiveness

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BM. GE
19.09.23 10:19
1

Türkiye's central bank has sent instructions to banks under which it has raised to 2.5% from 2% the targeted monthly rise in the share of Turkish lira deposits in total deposits.

The Central Bank of the Republic of Türkiye (CBRT) took additional steps to support lira deposits in line with data showing that the transition to lira was accelerating, Anadolu Agency (AA) reported.

The bank has not issued a statement regarding the instructions.

The central bank had increased to TL 250,000 ($9,300) from TL 50,000 the invoice exemption limit for export and small and medium-sized enterprise (SME) loans to ease the credit flow, according to the AA report.

Companies are only allowed to use some loans against invoices of purchases.

According to the document sent to banks, banks will be charged a commission according to the rate of transition to lira and renewal of lira deposits, AA also reported.

Meanwhile, the lira weakened beyond 27 against the U.S. dollar on Monday for the first time in more than three weeks, ahead of this week's central bank meeting, where it is expected to hike interest rates by up to 500 basis points.

On Monday, the lira had weakened as far as 27.015 to the U.S. currency by 5:06 a.m. GMT.