Currency Protected TL Deposits Announced

Minister of Treasury and Finance Nureddin Nabatimade comments on the agenda. Speaking about the new economic model, which has been in practice for a while, Nebati said that there is a great interest in foreign exchange-protected TL deposit accounts. Minister of Treasury and Finance, converted into TL with the new system and the size of the money entering the system also announced.

According to the statements made by Minister Nureddin Nebati, the total amount of money transferred to foreign currency protected TL deposit accounts, reached 84.05 billion liras. Stating that the implementation is at the very beginning and that more money will enter the currency protected TL deposit account in the coming period, Nebati said: “Although we are still at the beginning of the implementation, citizens can use foreign currency protected TL time deposits/participation funds. of high interest is seen. According to the latest temporary data obtained from banks, there is a foreign exchange-protected deposit/participation fund balance of TL 84.05 billion in the banking sector.

“We will lower inflation”

One of the issues mentioned by the Minister of Treasury and Finance is it was inflation. “You all know the pass-through of the exchange rate on inflation. In this system, we will reduce inflation by managing expectations well and developing instruments such as new exchange-protected deposit accounts that will increase the attractiveness of the Turkish lira. In the upcoming period, our institutions will act in full coordination with regard to the fight against inflation. Our ultimate goal is to achieve permanent low levels in inflation.Nabati said, “To reduce inflation, didn’t explain exactly what to do.

Nureddin Nebati, in his statements to Anadolu Agency volatility in the currency He also commented on the Stating that this fluctuation will decrease over time, Minister Nebati said, more stable He stated that a process will be entered into. The statements of the Minister of Treasury and Finance on this subject were as follows:

“Foreign exchange rates are determined in the free market. Therefore, we do not have any exchange rate targets, but incompatible with the fundamentals of the economy We are not spectators to the movements. We will see the effect of the measures taken for the movements in the financial markets more clearly in 2022. With a more balanced growth performance and increased employment for 2022, with the positive contribution of strong exports and tourism. maintaining the positive outlook in the current account balance we foresee. With the effect of the action steps we have announced, the fluctuations in this transition period will decrease over time and a stable course in the exchange rate will be achieved. we are waiting“