Turkey begins rolling back costly FX-protected deposits
ANKARA -Turkey's central bank began rolling back on Sunday a growing and costly scheme that protects lira deposits from FX depreciation, marking another move toward more orthodox policies following a shift toward interest rate hikes.
According to a separate decree in the Official Gazette, the central bank also raised lenders' reserve requirement ratios for FX deposits, further nudging customers into regular lira accounts. To cover KKM depreciation costs, the central bank paid an estimated 300 billion lira in June and July, when the lira plunged again. This month's costs were estimated at 350 billion lira.
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