ISTANBUL: The Turkish Central Bank said on Tuesday it revised the securities maintenance ratio to 5% from 3% and that further steps as part of its “liraization strategy” will be taken in the rest of the year and in 2023.

The central bank started to promote the conversion from foreign currency deposits to Turkish lira deposits under the strategy in December 2021, resulting in an increase in the share of lira in banks’ balance sheets.

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It said in the statement that by the beginning of 2023 securities will be maintained based on the targets of the Turkish lira deposits share, instead of the conversion rate. Reuters