Incentive for TL deposits from the Central Bank, limitation of KKM participation

CBRT Communiqué Amending the Communiqué Amending the Communiqué on Securities Establishment, Communiqué Amending the Communiqué Amending the Communiqué Amending the Communiqué on Required Reserves, Communiqué Amending the Communiqué on Supporting the Conversion of Deposit and Participation Accounts in Turkish Lira , and Conversion of gold accounts to deposits in Turkish liras and Participation Accounts The Statement of Modification of the Statement of Support was published in the Official Gazette.

REDUCTION OF KKM IS OBSERVED

Accordingly, within the scope of the simplification process, the implementation of the foreign currency deposit conversion target to KKM and the practice of setting additional/discounted values ​​based on TL’s share were terminated.

While TL deposits increase with the fixes made, the goal is to reduce KKM by transitioning exchange-protected accounts to TL deposits. In this way, it is intended to contribute to strengthening macro-financial stability by supporting TL term deposit accounts.

In this context, the objective of switching from the Central Bank’s exchange protection support to TL accounts and renewing the accounts with a certain exchange protection rate, has been targeted at an increase in the level of TL shares that do not have exchange protection. (AA)