Ankara (dpa)
The Central Bank of Turkey raised the bank’s custody ratio to 10% from 5% as part of its efforts to encourage abandonment of the dollar.
The Central Bank said in a statement, yesterday, that banks will get a discount in the percentage of keeping securities if they increase the share of their deposits in pounds to more than 60%, according to Bloomberg News Agency.
This change will become effective from the 24th of February.
On Friday, the Turkish Central Bank announced that its first priority is to expand the scope of using the lira by increasing its share in bank deposits to 60% during the first half of this year, up from about 35% last year.
Turkey says that converting deposits from dollars into liras is a major goal in 2023. Bloomberg reported Thursday that the Turkish lira declined by 0.2%, bringing the price of the US dollar to 18.78 liras.