Calculating interest on Turkish lira required reserves

Ankara—Turkey’s central bank said on Saturday that from January it is changing the method of re-muneration for Turkish lira required reserves held by financial institutions.
The bank said the remuneration rate – the interest rate on required reserves – for each quarterly period will be 400 basis points less than the one-week repo auction rate. It said this interest will be paid on the first business day following the end of the months of March, June, September and December.
In a separate statement on its website the bank said it was cutting the maximum interest rate on credit cards to 1.84 percent from 2.02 percent, starting from next year.—Agencies

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