The Communiqué on the Amendment to the Communiqué on Mandatory Reserves is published

9.11.2021

Dear Business Partners,

The Communiqué No. 2021/10 on the Amendment to the Communiqué on Mandatory Reserves (No. 2013/15) (the “Communiqué”) entered into force through publication in the Official Gazette dated 09.11.2021 and numbered 31654.

With the introduction of the amendment in the Communiqué, the mandatory reserve rate is increased by 200 basis points for all foreign currency liabilities as indicated below:

In terms of deposits/participation funds (excluding foreign bank deposits/ participation funds and precious metal deposit accounts),

The reserve requirement rate is 25% for all foreign currencies without a term, at notice or with a term up to 1 month, 3 months, 6 months and 1 year,

The reserve requirement rate is 19% for all foreign currencies having term with 1 year and longer.

% 0

For precious metal deposit accounts,

The reserve requirement rate is 26% for all foreign currencies without a term, at notice or with term up to 1 month, 3 months, 6 months and 1 year,

The reserve requirement rate is 22% for all foreign currencies having term with 1 year and longer.

Lastly, the reserve requirement rate is established as 25% for the borrowers’ funds. Additionally, the Communiqué sets the upper limit to 10% for reserve requirements of Turkish lira liabilities that can be maintained in standard gold at blocked accounts of the Central Bank of the Republic of Turkey.

You may find the full text of the Communiqué here (Turkish).

Should you need any further information regarding the Communiqué, please do not hesitate to contact us.

Kind regards,

Erdem & Erdem

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