The Central Bank
Rate on credit card cash advances increased
The Central Bank has raised the monthly maximum interest rate on credit card cash withdrawals from 4.42 percent to 5 percent.
The bank's decision, which aimed at curbing credit card spending, was published in the Official Gazette on March 16 and came into force.
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Central Bank lowers required reserves for FX-protected accounts
The Central Bank has changed reserve requirement ratios in a move that aims to encourage shift to Turkish Lira deposits.
The reserve requirement ratios for FX-protected accounts with maturities up to six months will be reduced from 30 percent to 25 percent, the bank announced on Jan. 30.
Central Bank will continue to build up reserves in 2024
The Central Bank has said that it will maintain its reserve build-up strategy and ensure continuation of the stable uptrend in international reserves in 2024.
KKM deposits decline, show data
Money parked at the FX-protected deposit accounts, also known as KKM, has declined for the first time since the start of the year.
KKM deposits fell around 39 billion Turkish Liras from 3.41 trillion liras on Aug. 18 to 3.37 trillion liras ($124 billion) as of Aug. 25, the weekly data from the Banking Regulation and Supervision Agency (BDDK) showed.
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Central Bank to decide about policy rate this week
Members of the Central Bank's Monetary Policy Committee will meet on July 20 to decide about its key interest rate.
At the MPC's June meeting, the policy rate - the one-week repo auction rate - was lifted from 8.5 percent to 15 percent. This was the first rate hike since March 2021.
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Decision on cash advance canceled
The Central Bank has canceled a previous decision that introduced limits on cash advance withdrawals from credit cards and overdraft accounts.
The bank announced the decision regarding cash advances at the start of the week.
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Central Bank keeps policy rate unchanged
Türkiye's Central Bank on March 23 kept its key policy rate unchanged after lowering it in February.
The bank kept its policy rate stable at 8.5 percent after cutting it by 50 basis points in February in order to support economic activity in the aftermath of the earthquakes that hit the south of the country.
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Central Bank unveils new macroprudential measures
The Central Bank has announced a raft of new macroprudential measures as part of its liraization strategy.
The bank said in a statement on Jan. 7 that local banks in general have reached the 50 percent liraization target in deposits announced for 2022 and that the liraization target in deposits for the first half of 2023 was set at 60 percent.
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Central Bank to meet for rate decision
The Central Bank's Monetary Policy Committee is set to meet tomorrow to consider the key policy rate.
The meeting will take place after President Recep Tayyip Erdoğan said that interest rates should come down to single digits by the end of the year.
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Central Bank moves to lower commercial loan rates
The Central Bank has announced measures that are designed to lower interest rates on commercial loans and strengthen the monetary transmission mechanism.
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