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%.