Turkey is reportedly considering raising the level of forex revenues that exporters must sell to the CBRT to as high as 50% from the current level of 25%, reported Reuters citing sources. Turkish authorities have reportedly not yet made a final decision on the matter and could leave the requirement unchanged at 25%, Reuters added. 

Market Reaction

TRY saw some moderate initial strength against the US dollar in wake of the reports, as it could mean a welcome boost to the CBRT's levels of forex reserves. USD/TRY currently trades lower by about 0.5% on the day in the 14.60s.