September 23, 2019 / 12:52 PM / 2 months ago

Turkish central bank to cut remuneration rate for required reserves in liras

ISTANBUL, Sept 23 (Reuters) - Turkey’s central bank will cut the remuneration rate applied to required reserves for lira by 5 percentage points as of Oct 4, its website showed on Monday.

A remuneration rate of 10%, compared to 15% now, will be applied to banks whose loan growth is between 10-20%, according to information on the website. It will be 0% for banks with less than 10% loan growth, from 5% currently.

A banking source said the move was in part a reflection of the central bank’s recent interest rate cuts. (Reporting by Behiye Selin Taner; Writing by Ezgi Erkoyun)

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