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ISTANBUL: The Turkiye Central Bank said on Friday it was taking fresh steps to simplify the macroprudential framework and to increase the share of Turkiye lira deposits.

The move came after the bank on Thursday raised its policy rate by 500 basis points to 35% as expected, tightening aggressively for a third straight month as it steps up efforts to rein in inflation that has soared for years.

The bank said in Friday’s statement that among simplification steps it was terminating the securities maintenance practice applied to banks at a rate of 30% percent based on lira-denominated cash loans they extend.

The securities maintenance practice applied at a rate of 30% on securities issued by the real sector and purchased by banks was also terminated.

Turkish central bank’s net international reserves rise to $16.28bn

It also said changes will be made to the practice of charging commissions on reserve requirements for FX deposits in order to increase the share of Turkiye lira through the renewal of FX-protected accounts and their conversion to lira.

The targeted monthly rise for the share of real persons’ lira deposits was increased to 3.5% from 2.5%.

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