NEWS Finance        07/07/2020

Turkish Central Bank lowers interest rate for reserve requirement

Turkish Central Bank has lowered the interest rate paid to bank’s Turkish lira reserve requirement balances from 6% to 5%, effective as of July 10th. The previous rate of 6% had been in effect since 20.03.2020, when it was reduced from 8%.


In addition, in accordance with the reserve requirement decree 2020/6 of 26.06.2020, banks meeting real growth targets of loan portfolios will receive 7%, those not meeting will receive 0%. This was previously 8% and 0%. 


Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020