Turkey Central Bank to provide all liquidity banks need

Turkey Central Bank to provide all liquidity banks need
Banks’ liquidity needs will be provided by the Central Bank of the Republic of Turkey (CBRT), the bank announced on Monday (August 13).

"In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need," the bank said in a written statement, AA reported.

It added: "Banks will be able to borrow foreign exchange deposits in one-month maturity in addition to one-week maturity."

If needed, the Central Bank may increase lenders’ current foreign exchange deposit limits -- $50 billion -- and improve utilization conditions.

To provide banks flexibility in their collateral management, the Central Bank revised discount rates for collaterals against Turkish lira transactions, said the statement.

Turkey’s treasury and finance minister early Monday tweeted "Deposit money will not be seized. Foreign currencies in bank accounts will not be converted into Turkish liras.”

Albayrak said they prepared the plan together with banks for the real sector, the sector the most affected by recent currency fluctuations.

"We will take the necessary steps rapidly, together with our banks and the Banking Regulation and Supervision Agency," he added.

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