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Turkey to cap deposit rates institutions can receive from state banks

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Turkey to cap deposit rates institutions can receive from state banks

The Turkish government will cap the maximum deposit rates that public institutions can collect from state banks, Reuters reported March 8.

The measures will be implemented to reduce the cost burden on state lenders, according to the report, which cited regulations published in the government gazette.

The cap on deposit rates will be calculated using a maturity-based rate of the weighted average interest rate.