The Central Bank of the Republic of Turkey (CBRT) announced that the monthly growth limit for foreign currency loans has been reduced from 1% to 0.5%, and the scope of exempted foreign currency loans has been narrowed. In a statement on its website, the CBRT announced that changes have been made to the mandatory reserve requirement based on credit growth to support a tight monetary stance, taking into account developments in foreign currency loans. The statement noted that the monthly growth limit for foreign currency loans has been reduced to 0.5% and the scope of exempted foreign currency loans has been narrowed. The CBRT had previously lowered the growth limit for foreign currency loans to 1% at the beginning of January. However, in the two months following this change, foreign currency loan growth had exceeded the growth limit due to exempted loans.