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Legislation

6/22/2020

The Notification of the Central Bank on Minimum Reserves Has Been Amended

The condition of the real credit growth rate imposed to banks to be lower than 15 percent has been lifted to be valid until the end of the year…

The Notification on Amending the Notification of the Central Bank of the Turkish Republic on Minimum (Required) Reserves is published in the Official Gazette dated June 20, 2020. The condition of the real credit growth rate imposed to banks to be lower than 15 percent has been lifted to be valid until December 25, 2020 by means of the amendment.

Following provisional article has been added to the Notification which was published in the Official Gazette issue #28862 dated December 25, 2013: “PROVISIONAL ARTICLE #10 – (1) Banks with an annual credit growth rate of over 15.00 percent as calculated according to sub-paragraph (a) of paragraph 1 of article 10/A of this very notification already with an annual credit growth rate of over 15.00 percent shall be deemed to have fulfilled the conditions as defined in sub-paragraph (a) of paragraph 1 of article 10/A of this very notification until December 25, 2020. (2) All conditions defined in sub-paragraph (a) of paragraph 1 of the said article shall conditionally be met as of the liability date of December 25, 2020 to enable the continuation of minimum reserve rates as defined in the first and second paragraphs of article 10/A of this very Notification as of the liability date of December 25, 2020 to be applied to banks subject to the first paragraph of the said article.”

 

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