The Central Bank of Turkey amended the Communiqué No. 2013/15 on Mandatory Reserves (the “Amendment”). The Amendment entered into force with its publication in the Official Gazette No. 30633 on December 22, 2018.
Prior to the Amendment, banks and financing companies had to set aside reserves for the funds raised through their repurchase transactions made on Borsa İstanbul A.Ş. (“Borsa İstanbul“). The Amendment exempts these funds from reserve requirements. Therefore, banks and financing companies will no longer be required to set aside reserves for the funds raised by their repurchase transactions on Borsa İstanbul.