ISTANBUL: Turkey’s central bank said on Friday it raised the share of foreign currency revenues that exporters are required to sell to the central bank to 40% from 25%, a move designed to prop up the country’s foreign exchange reserves.

In January, the government mandated exporters to sell 25% of their foreign currency revenues to the central bank, which is seeking to bulk up its reserves depleted during a currency crisis late last year.

On Monday, Reuters reported that the authorities were considering raising the threshold to as much as 50% though no decisions were made at the time.