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With the use of central bank reserves to protect the lira’s value before the election, reserves fell to a historical low in early June, with net reserves at minus $5.7 billion. Hence, there is no use of foreign exchange reserves and a period of increasing reserves has started," he added. His comments echoed the view of bankers that the central bank had "completely stopped" using its reserves. CENTRAL BANK MEASURESUnder new central bank steps announced at the weekend, the securities maintenance ratio that banks are required to allocate to their foreign currency deposit was reduced to 5% from 10%. The new regulation said banks whose lira deposits are less than 57% of total deposits will have to hold an additional seven percentage points of securities, compared to the previous seven additional points applied to banks that held less than 60% lira deposits.

Persons: Murad Sezer, Lira, Tayyip Erdogan, Hafize Gaye Erkan, Enver Erkan, Daren Butler, Canan, Jonathan Spicer, Emelia Sithole Organizations: REUTERS, Securities, Bankers, Thomson Locations: Istanbul, Turkey, ANKARA, backtrack, Turkish

Under a new proposal following a weekend of political intrigue, two popular mayors would serve as vice presidents should the opposition win in the presidential and parliamentary elections on May 14. With polls showing a close race, the vote is the biggest challenge Erdogan has faced in two decades in power. Instead, Aksener proposed that either Ekrem Imamoglu or Mansur Yavas, mayors of Istanbul and Ankara, be the candidate. "She has conveyed the proposal that the two mayors serve as executive vice presidents," Zorlu said. The opposition has failed in previous national votes to pose a serious challenge to Erdogan, whose AKP came to power in 2002.

"With the effect of the earthquake, inflation may now reach somewhere in the range of 40-50%," the government official added, speaking anonymously as he was not authorised to speak publicly on the issue. More than two million people are estimated to have left the quake zone, pushing up rents in other provinces, economists said. ADDITIONAL BUDGETThe quake also gives the government an additional challenge on the budget, long one of the strongest areas of the economy. Net borrowing of up to 661 billion lira ($35 billion) would be possible under the 2023 budget for this year but the official said that now won't be enough. An additional budget will be needed," the official said.

"Talks for Qatar to provide new resources to Turkey have reached the final stage. The second Turkish official said the talks for $2-3 billion funding for this year were focused on the eurobond. Turkey's Finance Ministry has borrowed $9 billion in 2022, of the $11 billion foreign borrowing foreseen for the year. The ministry foresees $10 billion foreign borrowing for 2023 but it can bring forward its debt issuances when needed for earlier financing. Turkey is also in the final stage of talks with Saudi Arabia on Riyadh placing a $5 billion deposit at the Turkish Central Bank, a Saudi finance ministry spokesman said on Tuesday.

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