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Turkey central bank takes fresh measures for increasing functionality of market mechanisms

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Turkey's central bank took fresh steps on Sunday in line with its goals to increase functionality of market mechanisms, after it hiked rates to 15% from 8.5% this week.

Turkey's securities maintenance regulation has been simplified to increase the functionality of market mechanisms and strengthen macro financial stability, the Turkish central bank said on Sunday.

According to an announcement in the country's Official Gazette, the securities maintenance ratio that Turkish banks are required to allocate to their foreign currency deposit has been reduced to 5% from 10%.

 

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