In the statement made by the Ministry of Treasury and Finance regarding the new deposit system, the deposit rate may be 300 basis points higher than the announced policy rate and can be utilized more than once. There will be no lower/upper limit application regarding the accounts opened.
Ministry of Treasury and Finance, ‘For Currency Protected TL Time Deposits and the principles of practice regarding Participation Accounts. In practice, the deposit interest rate may be 300 bps higher than the announced policy rate and can be used more than once.
It was said:
1. Real persons residing in Turkey (real persons with legal residence in Turkey, including workers, self-employed and self-employed Turkish citizens abroad) will be able to benefit, it will be possible to benefit from the application more than once and there will be no lower/upper limit.
2nd. “Foreign Currency Protected TL Time Deposit and Participation Accounts” will be in the form of TL time deposit and participation accounts to be opened with banks of this nature.
3. “Currency Protected TL Time Deposit and Participation Accounts” can be opened as of 21.12.2021.
4. “Currency Protected TL Time Deposit and Participation Calculations” will have 4 different maturities as 3, 6, 9 and 12 months.
5. The minimum interest rate to be applied by the banks to the “Foreign Currency Protected TL Time Deposit Account” shall not be below the one-week repo auction rate determined by the Central Bank of the Republic of Turkey. The maximum interest rate to be applied by the banks can be determined at most 300 bp above the minimum interest rate. The maximum interest rate can be updated by the Ministry of Treasury and Finance and will be valid for the accounts to be opened after the update date. The application principle determined in this article will be applied within the framework of participation banking principles for Participation Banks.
6. The exchange buying rates of USD/TRY, EUR/TRY and GBP/TRY announced by the Central Bank of the Republic of Turkey at 11 am will be used as the starting/ending rate for these accounts.
7. At the end of the 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 the banks arising from the exchange rate difference at the end of the maturity date, the 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 will be transferred to the banks by the Central Bank of the Republic of Turkey on the same day.
8. In case the account is closed before maturity;
a. 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, the Treasury will not make a payment regarding the exchange rate difference.
b. 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 basis at the beginning of the maturity date, the account balance will be calculated from 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. 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.
9. The Ministry of Treasury and Finance is authorized to make changes in the above application principles.”
Labels
- Currency Protected TL Time Deposit Account
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