Middle East

Turkish central bank cuts renumeration rate for lira required reserves

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A Turkish 100 lira banknote is seen on top of 10 lira banknotes in this illustration picture taken in Istanbul January 28, 2014. Turkey's central bank governor raises hopes of emergency rate hike in face of opposition from Prime Minister Tayyip Erdogan, denying he is hostage to political pressures and vowing to fight rising inflation and tumbling lira. REUTERS/Murad Sezer

ISTANBUL, Oct 22 (Reuters) - Turkish central bank cut on Friday the renumeration rate for Turkish lira required reserves to 10.5% from 12.5% as of October 22.

In a statement, the central bank also said, remuneration rates that differ between 10.5% and 16% will be applied to increase the share of Turkish lira in the total deposit/participation funds in the banking system.

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Writing by Ezgi Erkoyun

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