The advantages of converting from gold accounts to TL deposits in order to increase the demand for Turkish Lira have been published in the Official Gazette.
Communiqué on supporting the conversion of gold accounts to Turkish lira deposit accounts was published in the Official Gazette. According to the Central Bank communiqué published in the Official Gazette, as of December 28, 2021, gold accounts will be converted into Turkish Lira deposit accounts upon the request of the account holder. In converting gold accounts into Turkish Lira, the gram gold price to be announced by the Central Bank at 11:00 that day will be taken as a basis. The new accounts to be opened after the conversion will have 3, 6 and 12 months maturity. The interest to be applied by the bank to the account cannot be below the one-week repo auction rate determined by the Central Bank.
deposit and participation fund Expiry price
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The bank will pay the principal and interest to the account holder in Turkish Lira at the end of maturity. At maturity, if the difference in gold prices is higher than the interest rate, the Central Bank will pay the difference. No payment will be made if the account is corrupted before its due date. It has been stated that the said payment support will be applied only once.
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