The Turkish lira slid 1.8% to a fresh record low against the U.S. dollar on Monday after the central bank took steps to simplify rules governing lenders' holdings and foreign deposits, following its sharp interest rate hike last week.
Turkish lira banknotes are seen in this illustration taken in Istanbul, Turkey November 23, 2021. REUTERS/Murad Sezer/Illustration/File Photo
rules governing lenders' holdings and foreign deposits, following its sharp interest rate hike last week.It is down 27% so far this year, largely after the re-election in late May of President Tayyip Erdogan who has since moved to backtrack on his years of unorthodox economic policy including slashing rates despite soaring inflation.
Then on Sunday the central bank began rolling back parts of the dozens of rules and regulations it had adopted since 2021 that left debt, credit and forex markets heavily state managed - and that were meant to encourage lira holdings.According to the official gazette, the securities maintenance ratio that banks are required to allocate to their foreign currency deposit was reduced to 5% from 10%.
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