Foreign currency revenuesTurkey’s central bank has raised the share of foreign currency revenues that exporters are required to sell to the central bank to 40 percent from 25 percent, a move designed to prop up the country’s foreign exchange reserves. In January, the government mandated exporters to sell 25 percent of their foreign currency revenues to the central bank, which is seeking to bulk up its reserves depleted during a currency crisis late last year. The central bank’s net foreign currency slumped to a record low of $7.55 billion in January, mainly as a result of market interventions to prop up a tumbling lira. The central bank also said income from exports to Russia and Ukraine can be submitted in Turkish lira even though it was initially disclosed as foreign currencies. “It’s too early to withdraw stimulus because wage growth is slow and the economy is still weak,” the source said.

Source: Libya Today April 17, 2022 12:13 UTC