Cyprus Mail

Turkish corporates can open lira deposit protection scheme accounts without converting FX

turkey turkish cenbank

Turkish companies facing forex payments will be able to open lira accounts protecting against depreciation without needing to convert foreign exchange, and a central bank source said on Thursday there would be no limit on the interest rate offered.

An announcement in the country’s Official Gazette said the accounts will have a minimum maturity of one month compared to a previous minimum of three months under the scheme.

Ankara launched the scheme protecting lira deposits from depreciation in late 2021 to ease a historic currency crash in which Turks were flocking to dollars.

The lira lost 44 per cent versus the dollar that year, and nearly 30 per cent in 2022 but has stabilised this year ahead of the May elections.

Related Posts

Broadcom falls on report Google discussed dropping firm as AI chip supplier

Reuters News Service

Poland investigates OpenAI over privacy concerns

Reuters News Service

The expansion of BRICS faces multiple challenges

CM Guest Columnist

Cyprus Business Now: weekly wrap-up

Kyriacos Nicolaou

OpenAI unveils Dall-E 3, latest version of its text-to-image tool

Reuters News Service

Cisco beefs up cybersecurity play with $28 bln Splunk deal

Reuters News Service