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 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       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 rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021