ISTANBUL

The Central Bank of Turkish Republic (CBRT) will apply commission implementation on FX required reserves, according to informed sources.

The CBRT decided to implement a commission on the required reserve and notice-foreign exchange deposit accounts with the bank, said the sources.

The move aims to support the reverse dollarization process in deposit/participation funds.

The annual commission rate on U.S. dollar-denominated deposits/participation funds will be 0.025%.

The new practice will begin as of Jan. 10, according to the sources.

Read more: Turkish cbank to get commission on FX required reserves