With the decision published in the Official Gazette today, the interest rate to be applied to currency protected TL accounts will be 300 basis points above the rate determined by the CBRT. The application will be valid for accounts opened from February 21.
There has been an important development today regarding the Currency Protected TL Deposit System, which was announced on December 20, 2021, when the dollar exceeds 18 TL and aims to prevent the citizens from leaving the Turkish Lira. With the Presidential Decision published in the Official Gazette, the interest to be applied to Currency Protected TL Accounts (KKH) was regulated.
According to the decision, deposit banks The interest rate to be applied to KCBs opened from 21 Februarywill not be below the one-week repo auction rate determined by the CBRT. In this context, the implementation instruction regarding the payments to be made to the KCBs to be opened provided that they are not shorter than 3 months and not longer than 12 months, and the calculation of exchange differences will be determined by the CBRT.
Important regulation in the interest to be applied:
According to the new application specified in the 4th paragraph of Article 5 of the Decision, the maximum interest rate to be applied by the deposit banks to the KCBs is the one-week repo auction determined by the CBRT. interest rate will be no more than 300 basis points above.
In addition, according to the temporary article added to the decision, deductions made from deposit and participation accounts closed before maturity; by the banks, if any, within 3 working days as of today. will be transferred to support account. The principles regarding the support account will be determined by the protocol to be signed between the Ministry of Treasury and Finance and the CBRT.
The decision entered into force today, effective from December 21, 2021.
Source :
https://www.cumhuriyet.com.tr/ekonomi/son-dakika-kur-korumali-hesaplar-icin-yeni-karar-1910567