Accordingly, changes have been adopted in the application of reserve requirements that will enhance the functionality of market mechanisms, strengthen macro-financial stability and support monetary policy transmission through quantitative tightening.
In this context, the minimum reserve ratios for exchange rate hedged accounts with a maturity of up to 6 months will be reduced from 30 percent to 25 percent and for all foreign currency deposits/participation funds (except deposits/participation funds of foreign banks and precious metal accounts) from 30 percent to 25 percent. It was decided to increase the additional reserve ratio in TL for maturities from 4% to 8%.
While the steps to transition to TL deposits have been strengthened with these regulations, it was noted that the process of quantitative streamlining continues.
The steps related to the simplification process and quantitative tightening will continue in line with the principles announced by the Monetary Policy Committee.
The Monetary Policy Committee's decision of 25 January 2024 stated that, despite the volatilities observed in credit supply and deposit rates in line with the ongoing simplification process, the monetary policy transmission mechanism will be supported by macroprudential decisions, while quantitative tightening will continue through the expansion of the variety of sterilization instruments.
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