Turkey's Central Bank Takes Steps to Boost Lira Savings and Reduce Foreign Currency Accounts
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Turkey's central bank introduced new measures to encourage more lira deposits and reduce foreign currency accounts. This includes higher reserve requirements for FX-linked accounts.
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The changes aim to prompt more Turks to shift savings to the lira and away from foreign currencies.
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KKM accounts, FX-linked lira deposits, make up about a quarter of total deposits. Officials are trying to reduce these.
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The central bank said it will take more steps to increase lira savings after last week's interest rate hike.
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The bank's governor will unveil a sharp upward adjustment to the inflation outlook for 2022 and 2024 later this week.