The Turkish Central Bank said on Tuesday it had set the monthly growth limit for lira commercial loans at 2.5%, down from a previous 3%, excluding export, investment and agriculture loans, to complement steps taken in a policy simplification process.
by 250 basis points to 17.5%, continuing to reverse President Tayyip Erdogan's low-rates policy as it promised more tightening.
Among the steps, a reserve requirement ratio of 15% on FX-protected accounts was announced on July 21. The monthly maximum interest rate applied to credit card cash utilization and overdraft accounts was raised to 2.89% to control inflation and balance domestic demand, it also said.
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