ANKARA: Turkiye central bank said on Sunday it has stopped targeting conversion from foreign currency deposits to FX-protected lira deposits, adding it aimed to boost financial stability.

“As part of the simplification process, it has been decided to end the implementation that stipulates a target for conversion from foreign currency deposits to FX-protected deposits,” the bank said in a statement.

Turkish central bank total reserves dropped to $98.5bn

The statement also said the regulations were intended to increase Turkiye lira deposits while decreasing FX-protected deposits by ensuring transition from FX-protected accounts to Turkiye lira deposits.