Who Can Benefit From Currency Protected TL Deposit System?

President Erdogan announced new economic model into our lives Currency protected TL deposit system There has been an important development. The Ministry of Treasury and Finance made statements concerning all citizens who will enter this system. With the explanations principles and procedures of application has been determined.

In the statements made by the Ministry of Treasury and Finance; of the system who is covered, maturity types, interest rates and lower/upper limit such matters are included. Thus, the system, which causes the dollar to fall by 5 TL in one night, will be presented to the citizens. all the details has been explained. Let’s take a look at those explanations item by item.

Here are the application principles for currency protected TL time deposits and participation accounts.

1. Real persons residing in Turkey (including Turkish citizens working abroad, self-employed and self-employed natural persons with a legal residence in Turkey) can benefit and it will be possible to use the application more than once, and there will be no upper/lower limit.
2. “Foreign Currency Protected TL Time Deposit and Participation Accounts” will be opened with such a TL deferred deposit at banks. deposit and participation accounts will be in the form.
3. “Currency Protected TL Time Deposits and Participation Accounts” From 21.12.2021 can be opened.
4. “Currency Protected TL Time Deposits and Participation Accounts” 3, 6, 9 and 12 months It will be in 4 different terms.
5. The minimum interest rate that banks will apply to the “Foreign Currency Protected TL Time Deposit Account” is determined by the Central Bank of the Republic of Turkey. shall not be below the one-week repo auction rate. The maximum interest rate to be applied by the banks is the maximum interest rate of the minimum interest rate. over 300 basis points can be determined. The maximum interest rate can be updated by the Ministry of Treasury and Finance and will be valid for accounts to be opened after the update date. The application principle determined in this article is for Participation Banks. participation banking principles will be implemented.
6. As the starting/ending rate to be taken as basis in these accounts, the Central Bank of the Republic of Turkey announced at 11 p.m. USD/TRY, EUR/TRY and GBP/TRY exchange rates will be used.
7. At maturity The full exchange support will be paid to the account holder on the same day.. In the event that payments are required to be made to banks arising from the exchange rate difference at the end of the maturity date, requests regarding the amount to be paid by the banks will be submitted to the Central Bank of the Republic of Turkey.. The portion to be paid by the Treasury It will be transferred to the banks on the same day by the Central Bank of the Republic of Turkey.
8. Promising before in case the account is closed;

• If the rate announced by the Central Bank of the Republic of Turkey at 11:00 on the date the account is closed is higher than the rate taken as a basis at the beginning of the maturity date, the Treasury will determine the exchange rate difference. no payment.
• If the rate announced by the Central Bank of the Republic of Turkey at 11:00 on the date the account is closed is lower than the rate taken as the basis at the beginning of the maturity date, the foreign exchange buying rate announced by the Central Bank of the Republic of Turkey at 11:00 on the date the account is closed before the maturity date. account balance is updated. The difference is transferred to the relevant TL account of the Central Bank of the Republic of Turkey to be transferred to the treasury by the bank.