The Central Bank raised reserve requirement ratios for foreign exchange (FX) deposit accounts by 200 basis points. The bank lowered the upper limit for holding standard gold for TRY reserve requirements to 10% from 15%. The bank forecasts the maintenance for TRY required reserves to surge by nearly TRY 7.4bn and for FX required reserves to increase by USD 3.8bn with this decision.
Borsa Istanbul’s BIST 100 index increased by 1.58% to 1,608.54 points, an all-time high, as of Monday’s close. Today, markets will focus on the Federal Reserve (Fed) Chair Jerome Powell’s speech at the Gender and the Economy Conference and the European Central Bank (ECB) President Christine Lagarde’s statements at the ECB Forum on Banking Supervision. The BIST 100 index is holding steady this morning.
President of the European Bank for Reconstruction and Development (EBRD) said the institution will provide the country’s first EUR 150m “green loan” to a firm operating in the manufacturing industry. The EBRD will also provide EUR 600m in new financing to Turkish banks in order to support women’s participation in the business world.
The Korea-based yarn manufacturer Hyosung, which entered Turkey with a USD 350m investment in 2007, will make two different domestic spandex yarn investments totaling USD 580m, according to daily DUNYA.
Fees incurred by Turkish Radio and Television Corporation (TRT) as well as outstanding energy costs will be removed from electricity bills, according to President Recep Tayyip Erdogan. Speaking after the Cabinet meeting yesterday, he also said that the Health Ministry will employ 40,000 new personnel.
The Ministry of Treasury and Finance will reissue their 5-year (1,757 days) maturity fixed coupon bonds and 5-year (1,890 days) maturity TLREF indexed government bond.
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