ISTANBUL, Sept 23 (Reuters) - Turkey’s central bank will cut the remuneration rate applied to required reserves for lira by 5 percentage points as of Oct 4, its website showed on Monday.
A remuneration rate of 10%, compared to 15% now, will be applied to banks whose loan growth is between 10-20%, according to information on the website. It will be 0% for banks with less than 10% loan growth, from 5% currently.
A banking source said the move was in part a reflection of the central bank’s recent interest rate cuts. (Reporting by Behiye Selin Taner; Writing by Ezgi Erkoyun)