Cyprus Mail
BusinessInternationalTurkey

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

Cyprus businesses should enhance their outward orientation, President says

Source: Cyprus News Agency

Eurozone slips into recession after German revision

Reuters News Service

Paphos real estate market sees surge in luxury properties

Kyriacos Nicolaou

Panicos Masouras, General Secretary, Cyprus Computer Society

Panis Pieri

Turkish lira extends losses as Ankara loosens grip on forex market

Reuters News Service

Elon Musk and Dogecoin in trouble Tradecurve already bringing ROI

CM Guest Columnist