Central Bank Cuts Rate On Euro Based Required Reserves

- Turkish Central Bank lowered the commission rate on euro in required reserves and notice accounts held with the Central Bank.

The annual commission rate, currently at 20 basis points, on balances denominated in euro in required reserves and notice accounts held with the Central Bank is reduced temporarily to 5 basis points due to the recent developments in the Eurozone, the Central Bank said in a statement, released on Tuesday.

"The commission rate charged on the above mentioned account balances held by banks and finance companies may be reviewed when deemed necessary by taking global and local financial market conditions into account" said in the statement. The new commission rate will be effective from 1 July 2015.