Banking

Turkish Central Bank revises reserve requirements

The Central Bank of the Republic of Turkey (CBRT) on Nov. 27 revised its regulations on reserve requirements to improve the effectiveness of the monetary transmission mechanism in the country.

In line with its main objective of price stability through monetary tightening, the bank decided to simplify its reserve requirement regulations, it underlined in a written statement.

Central Bank reserves at $84.5 bln in October

The Turkish Central Bank's official reserve assets grew 6.1% month-on-month to reach $84.5 billion in October, according to data released on Nov. 27. 

Foreign currency reserves- in convertible foreign currencies- increased by 12.4% to hit $40.8 billion, according to the bank's international reserves and foreign currency liquidity report.

Piraeus Bank to bolster cash reserves

The management of Piraeus Bank has announced a program to boost its capital base by 1 billion euros to create the cash reserves that will allow it to proceed with a more aggressive reduction of its bad-loan portfolio.

While informing analysts of the bank's third-quarter financial results, Chief Executive Christos Megalou said that the cash boost plan has four main points.

Survey forecasts no change in interest rates

Turkey's Central Bank is expected to keep interest rates unchanged next week, according to an Anadolu Agency survey on Aug. 14. 

The eighth monetary policy committee (MPC) meeting of this year will be held on Thursday (Aug. 20) to announce the bank's decision on interest rates.

A majority of 22 economists surveyed by Anadolu Agency forecast no change in interest rates.

Piraeus Bank ATMs torched in Pefki

Unknown assailants set fire to two ATMs at the Piraeus Bank branch in Pefki, northern Athens, early on Tuesday morning.
The arson attack caused damage to the two cash machines located outside the bank branch at 43 Irini Avenue.
Police are conducting an investigation to locate the perpetrators.

Great interest recorded in state-guaranteed loans

The Guarantee Fund for the supply of loans to small, medium-sized and large companies with state collateral began operating on Wednesday with high expectations.
These working capital loans will have low requirements and favorable interest rates so as to provide liquidity to corporations during the crisis brought on by the coronavirus pandemic.

United Group is ready to buy Forthnet loans, but sets terms

The signing of the sale contracts for 350 million euros of Forthnet's loans from the creditor banks to United Group appears to be just a matter of days, banking sources tell Kathimerini.
This is also confirmed by sources at British equity fund BC Partners, which is United's parent group.

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