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Central bank raises FX required reserve ratio
The decision was made taking into consideration recent credit developments and as part of the bank’s exit strategy from an expansionary monetary policy, the central bank announced on Thursday in a written statement posted on it website.
The bank had previously cut the FX required reserve ratio by 2 percentage points, from 11 percent to 9 percent, in December 2008, in a bid to alleviate the impact of the global financial crisis on the domestic economy by providing significant liquidity to the banking system. In April, the bank announced that “measures related to FX liquidity would be increased to the pre-crisis levels gradually and at a controlled pace.” Accordingly, the FX required reserve ratio was increased by 0.5 percentage points in April, with approximately $693.3 million in foreign currency liquidity withdrawn from the market.
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