ISTANBUL, Sept 20 (Reuters) - Turkey's central bank said onFriday it had raised the reserve requirement ratios for foreignexchange deposits and participation funds by 100 basis pointsfor all maturity brackets to support financial stability.
It said in a statement the move would result in thewithdrawal of approximately $2.1 billion of forex liquidity fromthe market.
Turkey has taken several steps this year to curb a year-longtrend of Turks switching from lira into more stable currenciesafter last year's currency crisis, when the lira lost nearly 30%of its value against the dollar.
Foreign currency deposits and funds, including preciousmetals, of Turkish local individuals and corporates rose to arecord high https://tmsnrt.rs/2Yx07KI of $191.43 billion as ofSept. 13, data from the central bank showed on Thursday.
The revised ratios will be effective from the calculationdate of Sept. 20, 2019, with the maintenance period starting onOct. 4, 2019, the bank said on Friday.(Reporting by Ece Toksabay; Writing by Ali Kucukgocmen; Editingby Chizu Nomiyama and Mark Potter)