The new communiqué of the Central Bank on gold deposit accounts was published in the Official Gazette. According to the information in the communique, citizens will be able to convert their gold accounts into Turkish lira and turn them into “currency protected TL deposit accounts”. The important point here is that the interest income will be calculated over grams of gold.
Entering our lives within the scope of the New Economic Model “currency protected TL deposit accountThe scope of the ” system has been expanded. A new communiqué prepared by the Central Bank of the Republic of Turkey (CBRT) and published in today’s issue of the Official Gazette, of gold accounts It also reveals that it can be converted into Turkish lira and made protected.
The new communiqué of the Central Bank, the exchange rate-protected TL deposit accounts under adapted version. The system, which focuses on protecting the citizens with cash from the rise in the dollar, also protects the citizens with gold accounts directly from gold. Accordingly, citizens the gold they kept under the pillow By converting them to Turkish lira, they will have the opportunity to protect their money.
How will gold be protected after converting to Turkish lira?
According to the information in today’s issue of the Official Gazette, the citizen who converted his gold into TL, by gram gold price will generate additional income. The possible difference, which will be determined by the examinations to be made at the end of the maturity periods to be determined as 3 months, 6 months or 12 months, will once again be to be paid by the Central Bank.
Here is the communiqué in the Official Gazette as follows:
Purpose and scope
ARTICLE 1 – (1) The purpose of this Communiqué is to regulate the procedures and principles regarding the support to be provided to deposit and participation fund holders in case the gold deposit and participation fund accounts of domestic residents are converted into Turkish lira time deposit and participation accounts.
Rest
ARTICLE 2 – (1) This Communiqué is submitted to sub-clauses (e) and (g) of the third paragraph of article 4 of the Central Bank of Turkey Law dated 14/1/1970 and numbered 1211, and to sub-clauses (c) of the first paragraph of article 22. and it has been prepared on the basis of Article 144 of the Banking Law dated 19/10/2005 and numbered 5411.
Definitions
ARTICLE 3 – (1) In this Communiqué;
a) Gold accounts: Gold deposit accounts and gold participation fund accounts opened by deposit and participation banks,
b) Bank: The deposit and participation banks defined in Article 3 of the Banking Law dated 19/10/2005 and numbered 5411,
c) Conversion price: The purchase price of gram gold in Turkish lira, announced by the Central Bank at 11:00 am on the day the gold in the gold accounts is converted into Turkish lira,
ç) Central Bank: The Central Bank of the Republic of Turkey,
d) Maturity price: The Turkish lira equivalent purchase price of gram gold announced by the Central Bank at 11:00 am at the maturity date of the Turkish lira deposit or participation account,
e) Domestic resident real person: Represents real persons who have a legal residence in Turkey, including Turkish citizens who work abroad, self-employed and self-employed.
Conversion of gold accounts into time deposit or participation accounts in Turkish lira
ARTICLE 4 – (1) Gold accounts existing on 28/12/2021 and gold accounts for processed and scrap gold to be opened after this date are converted into Turkish lira over the conversion price, if the account holder requests it.
(2) The gold obtained by the bank as a result of this transaction is purchased by the Central Bank over the conversion price and its Turkish lira is transferred to the relevant bank.
(3) A Turkish lira deposit or participation account with a maturity of 3 months, 6 months or 1 year is opened by the bank.
(4) The interest rate to be applied by the bank to the deposit account cannot be below the one-week repo auction rate determined by the Central Bank. In case the return to be provided to the participation account is lower than the cost incurred in the one-week resale promise and purchase transactions made by the Central Bank within the scope of open market operations with participation banks, the participation bank may cover the difference within the framework of participation banking principles, and the Central Bank will not pay for the unpaid portion.
Payment of price difference at maturity
ARTICLE 5 – (1) The bank pays the principal and interest to the Turkish lira deposit account holder, and the participation account balance at the end of the maturity to the participation account holder.
(2) If the expiry price is higher than the conversion price and the amount calculated over the price difference is higher than the interest or profit share to be paid by the bank, the amount calculated by deducting interest or profit share from the amount calculated over the price difference is sent to the relevant bank by the Central Bank to be paid to the deposit or participation account holder. is transferred.
(3) In case of withdrawal from the Turkish lira deposit or participation account before the maturity date, the Central Bank will not pay for the price difference.
(4) Turkish lira deposit or participation accounts opened within the scope of this application can benefit from the support specified in the second paragraph of this article for once.