Expanded the Scope of Currency Protected TL Deposit System

The Currency Protected TL Time Deposit System, which was announced on 20 December, when the foreign currency broke a historical record and the dollar exceeded 18 TL, entered into force shortly after. At the end of the maturity, where the citizen makes a TL investment with a term will receive at least as much profit as interest The scope of the system (stretched with the new decision) was expanded with the decision published in the Official Gazette today.

With the decision published by the Central Bank, the Communiqué on Deposit and Participation System (YUVAM) Accounts of Residents Living Abroad was amended. With the amendment, Turkish citizens living abroad The companies of which it is the shareholder may be included in the currency protected TL deposit system. specified.

By converting foreign currency to TL, YUVAM account can be opened:

With the amendment, Turkish citizens living abroad can, upon their request, deposit their foreign currency deposit account balances in US dollars, euros and British pounds, and participation fund accounts in foreign currency, through the companies of which they are shareholders. They will be able to open a YUVAM account by converting them to TL at the conversion rate.. The change came into effect from today.

The interest rate can be determined by the Central Bank:

With the new decision published in the past days, a new clause was added to the communiqué on currency-protected TL accounts. In this paragraph “The Central Bank is authorized to determine the maximum interest rate to be applied to the bank’s deposit account.” statements were included. Thus, the Central Bank setting interest authority was given. The previous provision stated that an interest rate below the policy rate could not be determined.