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Turkish cenbank tweaks banks' required holdings to keep loans flowing to quake-hit area

Middle East

03-03-2023 | 06:19

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Turkish cenbank tweaks banks' required holdings to keep loans flowing to quake-hit area

The Turkish central bank has tweaked banks' bond and required reserve holding regulations to encourage loans to the earthquake-hit zone in southeast Turkey, according to a document sent to banks and seen by Reuters.

The central bank said loans extended to certain individuals or companies will be exempt from the banks' obligation to hold bonds or reserves according to the loan types or the loan growth rate, the document said.

It showed that loans extended to individuals and companies located in the earthquake-impacted area, or to those who can prove that they were doing business and were hit by the quake, will be within the scope of these regulations.

Loans extended to firms involved in infrastructure or substructure reconstruction in the quake-hit area will also be exempt from banks' bond and required reserve holding regulations.

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