New Decision for Currency Protected Deposits!

A new Presidential decision has been taken for Currency Protected Deposits.

Accounts can be opened until 31 December 2022. If the rate at the end of the maturity period is lower than the rate at the beginning of the maturity,Central Bank will not pay the exchange rate difference.

If the rate on the date of closing the account is higher than the rate at the beginning of the maturity, the rate difference will not be paid. No payment will be made for the difference.

New Decision for Currency Protected Deposits!

The amount of savings in TL and foreign currency exchange

A new Presidential Decree has been issued on the Currency Protected Deposit system, which foresees the compensation for the depreciation against strong>. Accounts opened between December 21, 2021 and December 31, 2022 will be able to benefit from this support.

The minimum interest rate to be applied to deposits will not be less than the policy rate. However, the Central Bank, again not lower than the policy rate. set a new minimum interest rate. The maximum interest rate will be at least 300 basis points above the minimum interest rate.

FROM THE CENTRAL BANK PAYMENT AT THE END OF MATURITY

In case the rate at the end of the maturity period is lower than the rate at the beginning of the maturity, the Central Bank will not make any exchange difference payment. In case the exchange rate difference at the end of maturity is higher than the interest and dividend payable, the difference will be reported to the Central Bank.. The Central Bank will transfer this amount to the relevant bank in order to pay the account holder.

In case the exchange rate at maturity is lower than the rate at the beginning of maturity, no exchange rate difference payment will be made by the Central Bank. If the exchange rate difference is higher than the interest or dividend payable at the end of the maturity date, the amount calculated over the exchange difference will be deducted from the interest/profit share and transferred to the support account by the Central Bank.. If this amount is equal or lower, the payment will not be made.

IF THE ACCOUNT IS CLOSED EARLY, THE DIFFERENCE WILL NOT BE PAID

In case the exchange rate on the date the account is closed is higher than the rate at the beginning of the maturity, the exchange rate difference no payment will be made. If the exchange rate has decreased, the account will be updated at the rate on the date the account was closed before maturity.

The difference will be transferred to the support account by the bank.. A late fee will be applied to the transfer that is not made on the same day according to the Law on Collection of Public Claims.. Cash amounts related to the support to be made within the scope of the decision will be transferred to a separate support account to be opened at the Central Bank.. The Central Bank will also pay interest to this support account, not less than the policy rate.

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