Turkey Central Bank Doubles Foreign Currency Reserve Limit

Turkey's central bank doubled the amount of reserves banks may keep in foreign currency to as much as 20 percent of lira liabilities, increasing the central bank's reserves by as much as $3.6 billion.

The move is aimed at supporting the central bank's foreign currency reserves and the lira liquidity needs of the banking system, the central bank said in an e-mailed statement today. The measure is effective from Oct. 14, it said.

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksinbloomberg.net