Business

CBRT will pay 4.5% interest on foreign currency brought over the required reserve amount

The Central Bank of the Republic of Turkiye (CBRT) will pay 4.5% interest to the foreign currency accounts they will keep in the country, except for the required reserve liabilities of the banks.

According to the information received from banking sources, banks were receiving 4.3% Libor interest for the foreign exchange held abroad.

Working at the request of the banks, the CBRT will pay an interest of 4.5% to foreign currency accounts above the required reserve amount, in case the foreign currency held abroad is brought into the country.

The said payment will be made in Turkish lira.

Banking sources state that the new application that supports the Liraization Strategy will positively affect bank balance sheets and increase foreign currency inflows.

Pointing out that there is no situation that requires banks to collect foreign currency in the country, the sources noted that if the excess foreign currency in foreign correspondent banks is kept in the CBRT, interest income will be benefited.

The sources also emphasized that the 4.5% interest will be paid for the foreign currency brought above the required reserve amount.

Source: AA / Translated by Irem Yildiz

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