Maturity Agreement for Currency Protected Deposit Accounts
Following the removal of the interest limit on Treasury-backed Currency Protected Deposit (KKM) accounts, two more adjustments were made to these accounts.
According to the ‘Communiqué on Supporting the Conversion of Deposit and Participation Accounts in Turkish Lira’ published in the Official Gazette, the opening date of such deposit accounts or participation funds in foreign currency has been extended to 31 March 2023, in to support the transition to TL.
With this norm the limitation of the term was also modified.
When opening a Turkish lira participation or deposit account with a maturity of 3 months, 6 months or 1 year earlier, it was stated in the published decision that “Maturities of Turkish lira participation or deposit accounts opened by the Bank shall be determined in accordance with the procedures and principles published by the Central Bank”.
LIMITATION OF EXPIRATION REMOVED ON GOLD ACCOUNTS
Another decision published in the Official Gazette was the ‘Communiqué on Supporting the Conversion of Gold Accounts to Deposit and Participation Accounts in Turkish Lira’.
In the new statement, it was stated that “The terms of the deposit or participation accounts in Turkish lira to be opened by the Bank will be determined in the procedures and principles to be published by the Central Bank”.
Therefore, the sentence “the bank opens a deposit or participation account in Turkish lira with a maturity of 3 months, 6 months or 1 year for national natural and legal persons residing in Turkey” in the previous regulation.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
