Turkish central bank has announced measures to simplify regulations, including the termination of some securities maintenance practices, an exemption for investment goods in export loans, and adjustments to encourage the conversion of FX deposits into Turkish lira accounts.
* The bank terminates the securities maintenance practice applied to banks at a rate of 30% for Turkish lira-denominated cash loans they extend, according to central bank statement
* The bank terminates 30% securities maintenance practice applied to securities issued by the real sector and purchased by lenders
* The bank abolishes the securities maintenance practice for Turkish lira commercial loans based on interest rate/dividend rates exceeding 1.8 times the reference rate
* Access to export loans will be facilitated by exempting imports of investment goods from the net exporter requirement
* Central bank excludes articles related to the renewal of FX- protected deposit accounts converted from FX accounts from the securities maintenance regulation
* Changes will be made to the practice of charging commissions
on reserve requirements for FX deposits in order to increase the share of Turkish lira through the renewal of FX-protected accounts and their conversion to Turkish lira
* The target rise for the share of real persons’ Turkish lira deposits, which was set at 2.5%, will be increased to 3.5%