LYLT FINAL DEADLINE ALERT: ROSEN, SKILLED INVESTOR COUNSEL, Encourages Alliance Data Systems Corporation n/k/a Bread Financial Holdings, Inc. Investors to Secure Counsel Before Important June 26 Deadline in Securities Class Action – LYLT, LYLTQ

NEW YORK, June 24, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Loyalty Ventures Inc. (NASDAQ: LYLT) (OTC: LYLTQ) between November 8, 2021 and June 7, 2022, both dates inclusive (the “Class Period”), of the important June 26, 2023 lead plaintiff deadline. Loyalty Ventures was created as a result of a November 2021 spinoff from Alliance Data Systems Corporation n/k/a Bread Financial Holdings, Inc., the defendant company in this case. A class action lawsuit has already been filed.

SO WHAT: If you purchased Loyalty Ventures common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Loyalty Ventures class action, go to https://rosenlegal.com/submit-form/?case_id=6803 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 26, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Air Miles program suffered from a lack of investment prior to the spinoff; (2) as a result, Sobeys Inc., the second-largest supermarket chain in Canada and the second-largest sponsor in the Air Miles program, had informed defendants it was considering exercising its early termination rights; (3) the threat of Sobeys’ departure loomed throughout 2021 including in the timeframe leading up to the spinoff; (4) defendants expected the departure of any single large sponsor, such as Sobeys, would have “network effect” on the value of the entire Air Miles program; (5) the high leverage and debt service obligations foisted upon Loyalty Ventures, in conjunction with the “network effect” impact on the value of the Air Miles business, threatened the Company’s ability to continue operations; and (6) as a result, defendants’ positive statements about the Company’s financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Loyalty Ventures class action, go to https://rosenlegal.com/submit-form/?case_id=6803 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8863795

ROSEN, A GLOBALLY RECOGNIZED FIRM, Encourages Beyond Meat, Inc. Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – BYND

NEW YORK, June 24, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Beyond Meat, Inc. (NASDAQ: BYND) between May 5, 2020 and October 13, 2022, both dates inclusive (the “Class Period”), of the important July 10, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Beyond Meat common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Beyond Meat class action, go to https://rosenlegal.com/submit-form/?case_id=16090 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 10, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Beyond Meat was unable to manufacture its meat substitutes at scale to the specifications of its business partners; (2) Beyond Meat suffered from widespread scaling issues, particularly misalignment and delayed decision-making, which led to corresponding production delays; (3) such issues were exacerbated by Beyond Meat’s disjoined production lines; and (4) these problems led some business partners to balk at the high price of Beyond Meat’s products and express doubts about the Company’s ability to produce them at commercial scale. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Beyond Meat class action, go to https://rosenlegal.com/submit-form/?case_id=16090 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

 GlobeNewswire Distribution ID 8863855

Türkiye rescues over a dozen refugees after Greek pushback

The Turkish Coast Guard has rescued 14 refugees in the North Aegean Sea after they were illegally pushed back into Turkish territorial waters by Greek authorities.

Coast Guard Northern Aegean Group Command teams determined on Sunday that there were irregular migrants in a life raft off Türkiye's northwestern town of Ayvacik in Canakkale.

The coast guard also reported that the refugees were from Yemen, Sudan, and Eritrea.

After the necessary procedures, the refugees who were brought ashore were transferred to the Ayvacik Immigration Office.

In a separate incident, 41 refugees and migrants were caught in the cargo box of a pickup truck in Mugla, Aegean Türkiye.

Authorities have detained and arrested two individuals suspected of engaging in migrant smuggling.

Violating international law

Hundreds of refugees are also feared dead from a migrant boat sinking last week off southwestern Greece.

Some accounts suggest the accident happened when a Greek Coast Guard vessel tried to tow the overcrowded migrant boat into Italian waters.

Türkiye and global rights groups have repeatedly condemned Greece’s illegal practice of pushing back refugees and irregular migrants, saying it violates humanitarian values and international law by endangering the lives of vulnerable refugees and migrants, including women and children.

Türkiye has been a key transit point for refugees and irregular migrants wanting to cross into Europe to start new lives, especially those fleeing war and persecution.

Source: TRTworld.com

Türkiye to lead Black Sea Economic Cooperation for next 6 months

Türkiye is one of the key and most active participants of the Black Sea Economic Cooperation (BSEC), according to the organisation’s general secretary.

“Türkiye has been one of the most active participants in the decision-making process in this organisation, and one of the most active members of the BSEC in terms of bringing up, launching, and promoting initiatives,” Lazar Comanescu told Anadolu.

Türkiye will hold the term presidency of the organisation for the next six months as of July 1, he said, adding that the activities postponed and cancelled due to the Russian war on Ukraine have resumed.

On the occasion of the 31st anniversary of the BSEC, Comanescu said the organisation was established on June 25, 1992, under the leadership of Türkiye to increase stability, predictability, and security in the region by promoting economic dialogue and cooperation among member states.

The 13-member organisation brings together the representatives of the member states through more than 20 working groups on trade and development, environment, agriculture, energy, transport and infrastructure, he added.

Regarding the natural gas discoveries in the Black Sea, he said energy is one of the BSEC's priority fields of activity and cooperation.

“Discovering gas resources in the Black Sea region and directly operating it will benefit the entire region,” he said, recalling the discoveries of gas reserves in Romania, Bulgaria, and Türkiye.

Praise for grain

Comanescu also praised Türkiye’s effort in the Grain Corridor Agreement, which is extremely important for food security enabling the supply of grain produced in Ukraine or Russia.

“Thanks to the efforts of actors such as Türkiye, keeping the doors open has enabled this agreement to be made,” he added.

Headquartered in Istanbul, the BSEC was established in 1992 to act in a spirit of friendship and good neighbourliness and to enhance mutual respect and confidence, dialogue, and cooperation among the member states.

The group has 13 members: Türkiye, Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, North Macedonia, Romania, Russia, Serbia, and Ukraine.

Source: TRTworld.com

Türkiye ‘key’ power in Balkans: Montenegrin premier

Montenegro's Prime Minister Dritan Abazovic has praised Türkiye as a "key country" in the Western Balkans, and said the country's mediating role between Serbia and Kosovo was "very important".

"(Turkish) President (Recep Tayyip) Erdogan is a leader who can convince the troubled parties in the Balkans to come to the table and find sustainable solutions to the problems in the region," Abazovic said while attending a forum in Istanbul on Sunday.

"I think Türkiye’s mediation role in the tension between Serbia and Kosovo is very important,” he told reporters during the Islamic Cooperation Youth Forum.

As a “superpower”, Türkiye, maintains friendly relations with the whole world, Abazovic said, adding that all the steps Türkiye will take in global diplomacy are valuable for both the countries in the region and the Balkans.

The Montenegrin premier also stressed that Türkiye has started to play an effective role in the Balkans as much as in the European Union and the United States.

“I hope President Erdogan will be more involved in problems in the Balkans. This is extremely important for ensuring peace and stability in the region.”

Recalling that Türkiye was one of the first countries to recognise Montenegro after the Balkan nation gained independence in 2006, Abazovic said the relations between the countries have progressed since then.

He said that direct flights between the countries will not only contribute to tourism but will also provide convenience to Turkish companies and business people who want to do business in Montenegro.

Source: TRTworld.com

Türkiye qualify for 2023 CEV Volleyball European Golden League Final

Türkiye beat Czech Republic 3-2 in the Final Four to reach the final in Volleyball European Golden League 2023, a competition organised by the European Volleyball Confederation (CEV).

The Crescent Stars beat the Czech Republic on Saturday in five sets -- 22-25, 25-17, 19-25, 25-23 and 15-12 -- in Zadar, Croatia to grab the final ticket.

Burutay Subasi led Türkiye with 17 points. Czech Republic's Marek Sotola scored 23 points in a losing effort.

The Crescent Stars will take on Ukraine, which beat Croatia 3-1 in the other Final Four clash.

The Czech Republic will play the third-place match on Sunday against Croatia.

Victorious in the past

In 2021, Türkiye’s national men's volleyball team have beaten Ukraine to become the winner of the CEV Volleyball European Golden League in Belgium's Kortrijk then. They sealed the title in the tournament back-to-back.

The national team also won the Golden League in 2019, but the 2020 edition was cancelled due to the coronavirus pandemic. Adis Lagumdzija was the top scorer of the match with 23 points, and Yigit Gulmezoglu accompanied Adis with 16 points of his own. Efe Mandiraci had the winning point for Türkiye with a spike, his only point in the match.

Sweden won the CEV Volleyball European Golden League 2022. They defeated Portugal in the final, 3-1. This was Sweden's second title in the competition, having also won in 2017.

The competition was created in 2004 as a replacement for the CEV European League. The first edition of the competition was held in 2004, with Türkiye winning the title in both the men's and women's competitions.

Source: TRTworld.com

Turkish president, NATO chief discuss developments in Russia, Sweden

Turkish President Recep Tayyip Erdogan and NATO Chief Jens Stoltenberg have discussed the latest developments in Russia and Sweden's NATO membership in a phone call, according to a statement by Türkiye's Communications Directorate.

During the call on Sunday, it was pointed out that the end of tensions in Russia "prevented the occurrence of irrevocable humanitarian tragedies in the Ukrainian field," the statement said.

Erdogan conveyed to Stoltenberg that Türkiye hopes recent developments in Russia will be "a new milestone in the path to a just peace in Ukraine," it added.

The paramilitary Wagner group accused Russian forces on Friday of attacking its fighters and the group subsequently crossed from Ukraine into the Russian city of Rostov-on-Don.

In response, the Federal Security Service in Russia initiated a criminal case against Wagner for "armed rebellion." Russian President Vladimir Putin labelled Wagner's uprising as an act of "treason."

Wagner chief Yevgeny Prigozhin later claimed his fighters decided to turn back to avoid bloodshed when they were 200 kilometres (124 miles) from Moscow, while Belarusian President Alexander Lukashenko said he held talks with the Wagner head with Putin's accord, and Prigozhin accepted a de-escalation deal.

Stockholm's NATO bid

As for Sweden’s membership in the defence alliance, President Erdogan stated that "Türkiye maintains its constructive stance" but "legislative amendments would be meaningless so long as PKK/PYD/YPG supporters organise demonstrations freely in this country."

Further, it was underlined in the call that "the injustices faced within the context of the F-35s and the attempts to associate Türkiye’s requests about the F-16s with Sweden’s membership would harm NATO and its security rather than Türkiye."

In its more than 35-year terror campaign against Türkiye, the PKK – listed as a terrorist organisation by Türkiye, the US, and EU – has been responsible for the deaths of more than 40,000 people, including women, children, and infants.

Turkish officials have said Sweden tolerated and even supported PKK members on its soil, and that steps taken to change this need to be proven before it joins the alliance.

Source: TRTworld.com

Prigozhin To Leave For Belarus In Agreement Reached With Kremlin After Wagner Chief Halts March Toward Moscow

Yevgeny Prigozhin is to leave Russia for Belarus under an agreement announced by the Kremlin after the Wagner mercenary group leader abruptly ordered his forces to abandon their advance toward Moscow following a tense, chaotic 24 hours that handed President Vladimir Putin the biggest threat to his more than two-decade hold on power and raised the prospect of civil war.

Prigozhin, whose troops had been the most effective fighters among Putin’s forces since the February 2022 invasion of Ukraine, had turned on the Russian military and led what was called an armed insurrection, ordering his forces -- which he claimed numbered 25,000 -- to advance toward Moscow before he halted his so-called “march for justice" on June 24.

The Kremlin later confirmed it had reached a deal with Prigozhin to end the insurrection, saying the mercenary leader will move to Belarus and that a criminal case against him will be dropped. It wasn't immediately known where Prigozhin was early on June 25 or if he had left for Belarus.

In return, Wagner fighters who joined Prigozhin on his march would not be prosecuted, the Kremlin said. As part of the deal, Wagner fighters who did not take part in the march will come under the direct control of the Russian military -- a move Prigozhin had vehemently resisted while leading his troops in the Kremlin's war on Ukraine.

Belarusian strongman Alyaksandr Lukashenka helped mediate the deal, the Kremlin said. Kremlin spokesman Dmitry Peskov said Putin and Lukashenka had guaranteed Prigozhin's safety.

Hours later, Rostov region Governor Vasily Golubev said on Telegram that Wagner forces were pulling out of the southern city of Rostov-on-Don in convoys, accompanied by tanks and other vehicles, and were headed for their field camps. The mercenary fighters earlier had captured control of a military base in the city of 1.2 million people near the Ukraine border.

It was not immediately clear where they would be based or how many had participated in the march toward Moscow. They previously had been fighting in Ukraine, but Prigozhin had announced they were giving up their positions to the Russian military.

Putin had vowed to punish those behind the armed uprising led by his onetime protege. In a televised speech to the nation, Putin called the rebellion a “betrayal” and “treason.”

Prigozhin claimed his fighters had reached to within 200 kilometers of the capital without spilling any blood, a possible hint to the Kremlin of his support within elements of the nation's security structures.

"We are turning our columns around and going back to the field camps according to our plan," Prigozhin said in a short, fiery audio message posted to Telegram on June 24.

State-owned RIA Novosti reported on June 25 that the situation around the headquarters of Russia's Southern Military District in Rostov-on-Don was calm and street traffic had resumed.

In a video on the agency's Telegram messaging app, which it said was taken in the city, a municipal worker was sweeping a street and cars were moving along another street. The report could not be independently verified.

State media said the road restrictions introduced to stop the Wagner rebellion were lifted in most areas by the morning of June 25.

However, highway restrictions in the Tula and Moscow regions remained in place, the Federal Road Agency said on the Telegram messaging app.

Although the insurrection appears to be over for now, it has left the authoritarian Russian leader weakened and vulnerable, experts say.

“The fact that this was moderated by Lukashenka strikes me as embarrassing in the extreme,” Sam Greene, a Russia expert at the Center for European Policy Analysis, said in a tweet. “This whole episode may have punctured the air of inevitability that has kept him aloft for the past 23 years.”

In a sign of the gravity of the situation earlier in the day, Putin was forced to address the nation, saying in televised remarks that he would do "everything to protect the country." He also called the leaders of Belarus, Kazakhstan, Uzbekistan, and Turkey to inform them of the situation.

The armed insurrection, unprecedented in post-Soviet Russia, put other nations on alert, with U.S. President Joe Biden contacting his counterparts in France, Germany, and Britain

Putin must now contend with the ramifications of the mutiny as Ukraine pushes ahead with its large-scale counteroffensive, a crucial endeavor that could shape the course of the conflict, including further opening the spigot of lethal Western military aid.

"Today the world saw that the masters of Russia do not control anything. Nothing at all. Just complete chaos," Ukrainian President Volodymyr Zelenskiy said in his nightly video address late on June 24.

Prigozhin’s forces swept into Rostov-on-Don in the early morning hours of June 24 where they easily seized key infrastructure, before moving north toward Moscow with little resistance, shocking the country and the world.

The Russian military reportedly fired on the Wagner forces at one point as they made their way along the highway toward Moscow, though RFE/RL could not confirm such an incident.

Top Russian officials and personalities -- including former President Dmitry Medvedev, Russian Orthodox Church head Patriarch Kirill, and Russian State Duma head Vyacheslav Volodin -- echoed Putin's call for Russian citizens to rally and for Wagner troops to halt the insurrection.

Chechen leader Ramzan Kadyrov, a close Putin ally who has headed the republic in Russia's North Caucasus region since 2007, said he was going to deploy Chechen troops to "preserve Russia's unity and protect its statehood."

'Personal Ambition'

The Russian leader said that Prigozhin had "betrayed" his country out of "personal ambition."

Prigozhin responded promptly to Putin's allegations of betrayal, saying in an audio message that the Russian president was "deeply mistaken" and that he and his forces "are patriots of the motherland."

Prigozhin began his march toward Moscow after accusing the Russian Defense Ministry of launching rocket attacks on the rear camps of his forces in Ukraine using artillery and attack helicopters that allegedly killed many of his men. The Kremlin called the mercenary leader's accusation false.

Prigozhin's insurrection came in the wake of months of intense public fighting with Russia's military leadership over its war strategy in Ukraine and ammunition supplies.

Over the spring, the Wagner leader repeatedly accused Russian Defense Minister Sergei Shoigu and Chief of the General Staff Valery Gerasimov of intentionally holding back supplies of ammunition to his troops in Bakhmut, the site of the war's bloodiest battle.

Semon Pegov, a pro-Russia military blogger, said in an interview with Prigozhin on April 29 that there was speculation the Russian military was withholding ammunition from Wagner for fear the mercenary leader would use it to storm Moscow and take power.

Prigozhin responded that it was an "interesting idea" but claimed he hadn't considered it.

However, just a month later, after his troops took Bakhmut in the first Russian victory of the war in about 10 months, Prigozhin toured several Russian regions, giving interviews to local media in what some experts said was a clear sign of his political ambition.

Meanwhile, Putin appeared to be siding with the Defense Ministry in its spat with Prigozhin, appearing alongside Shoigu in a sign of support.

Peskov said following the June 24 turmoil that there was no change in Putin's support for Shoigu.

In his audio statement announcing his troops' pullback, Prigozhin claimed the Kremlin had been seeking to disband his Wagner group.

Aleksandar Djokic, a political analyst, said in a tweet that Prigozhin had probably "caught wind" of the fact that he had lost Putin's favor and carried out the mutiny to prove his worth.

U.S. spy agencies picked up signs days ago that Prigozhin was preparing to rise up against his country’s defense establishment, U.S. media reported on June 24.

Intelligence officials conducted briefings at the White House, the Pentagon, and on Capitol Hill about the potential for unrest in Russia a full day before it unfolded, according to the Washington Post and New York Times.

Source: Radio Free Europe/ Radio Liberty

Türkiye inches closer to ‘rational’ economic policies

The Central Bank of Türkiye has simplified the country’s securities maintenance regulation, according to a statement published on the regulator’s website on Sunday.

The measure aims to streamline the existing micro- and macro-prudential framework in order to make the financial system more efficient and stable.

“As a first step in this context, the securities maintenance regulation is simplified to increase the functionality of market mechanisms and strengthen macro-financial stability. The simplification process will continue in a gradual manner in line with the principles announced by the Monetary Policy Committee,” the central bank stated.

Under the new policy, the securities maintenance ratio that regulates the foreign currency deposits of Turkish banks has been cut from 10% to 5%, effective immediately. This ratio was previously raised twice from 3% to 10% in the past two years in order to support the conversion of foreign currency deposits to lira. The recent adjustment allows banks more flexibility and liquidity.

The new regulation also imposes specific requirements on banks based on the composition of their deposits. If a bank’s ratio of lira deposits to total deposits is below 57%, it will need to increase the securities maintenance ratio by holding an additional 7% of securities. The previous threshold was 60%. If a bank boosts the share of their lira deposits to above 70%, it will get a discounted securities maintenance ratio. This adjustment aims to incentivize banks to maintain a healthier balance between lira and foreign currency deposits.

The move comes after Türkiye’s new finance minister, Mehmet Simsek, vowed to steer the country back towards “rational” policies after years of adhering to unconventional strategies, which saw inflation in Türkiye skyrocket and the lira exchange rate plunge.

“Transparency, consistency, predictability and compliance with international norms will be our basic principles in achieving the goal of raising social welfare… Türkiye has no choice but to return to a rational basis. We will prioritize macro-financial stability,” Simsek said at a handover ceremony with his predecessor Nureddin Nebati earlier this month.

Earlier this week, in a dramatic monetary policy reversal, the central bank almost doubled Türkiye’s benchmark interest rate from 8.5% to 15%. It was the country’s first rate hike since March 2021. The regulator’s newly appointed governor, Hafize Gaye Erkan, said more tightening is likely in the coming months, until the inflation situation in Türkiye improves. It stood at 39.59% in May.

Source: Russia Today