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Turkish central bank hikes forex reserve requirements

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Turkish central bank hikes forex reserve requirements

The Turkish central bank raised its reserve requirement ratios for foreign exchange deposits at financial institutions by 200 basis points.

The Türkiye Cumhuriyet Merkez Bankası AS said May 27 that the move will withdraw $4.2 billion of foreign exchange liquidity from the market.

Last week, the central bank resumed its one-week repo rate auctions, reversing a move to tighten policy early this month in response to a tumbling lira.

The lira rose 0.59% versus the dollar as of 6:04 a.m. ET.