Turkish cbank to get commission on FX required reserves

ISTANBUL

The Central Bank of Turkish Republic (CBRT) will apply commission implementation on FX required reserves, according to informed sources.

The CBRT decided to implement a commission on the required reserve and notice-foreign exchange deposit accounts with the bank, said the sources.

The move aims to support the reverse dollarization process in deposit/participation funds.

The annual commission rate on U.S. dollar-denominated deposits/participation funds will be 0.025%.

The new practice will begin as of Jan. 10, according to the sources.