ISTANBUL: The Turkish Central Bank said on Saturday it had raised the securities maintenance ratio to 10% from 5%, adding that banks in general had reached the 50% liraisation target in deposits announced for 2022.

In its monetary policy and liraisation strategy for 2023, the central bank said the liraisation target in deposits for the first half of 2023 was set at 60%.

Banks that exceed the 60% lira share target will be subject to a discounted securities maintenance ratio, with those between 60% and 70% getting a 5-point discount, and those above 70% getting a 7-point discount, the central bank said.

Turkey central bank targets 60% lira deposits in banks by mid-2023