Turkish currency and debt crisis

Turkish Central Bank revises reserve requirement regulation

The Turkish Central Bank revised its reserve requirements regulation on April 23 in a move to strengthen the macroprudential policy toolkit.

Reserve requirements, which used to only be applied to the liability side of balance sheets, will now be applied to asset sides as well, the bank said in a statement.

Gov’t determined in its fight against inflation: Minister

The government is determined to lower inflation permanently and is taking steps in that direction, Treasury and Finance Minister Nureddin Nebati has said.

He noted that the annual inflation rate came in at 61 percent in March, but inflation will ease to more reasonable levels toward the end of the year.

Short-term external debt at $126 billion

Turkey's short-term external debt stock was at $125.6 billion at the end of December 2021, indicating an increase of 10.2 percent compared to the end of 2020, the country's Central Bank said.

Banks' short-term external debt stock decreased by 9.7 percent to $51.8 billion and other sectors' short-term external debt stock increased by 35.1 percent to $47.8 billion.

Current account gap at $14.9 bln in 2021

Turkey's current account balance posted a $3.84 billion deficit in December 2021, up $401 million year on year, according to data released by the Turkish Central Bank on Feb. 11.

The country's 12-month rolling deficit totaled $14.9 billion.

The gold- and energy-excluded current account posted a $2.27 billion surplus compared to a $700 million surplus in December 2020.

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