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Banking Sector Reduces Interest on Foreign-Currency Deposits

TURKEY
  • The banking sector has reduced the foreign-currency deposit interest rate to a minimum in order to encourage lira deposits as part of wider methods to adapt to “liraization”, Ekonomim report. Interest rates on foreign currency deposits are close to zero, whereas TL deposit rates vary between 20-28%.
  • The Culture and Tourism Minister said the end-2022 tourism target has been revised up again to 51.5 million visitors and $46 billion in revenue, state-run Anadolu Agency reports.
  • Fifteen oil tankers were banned from passing through the Turkish Straits due to a lack of proper insurance amid the European sanctions on Russian oil, Turkey’s maritime authority said on Thursday. The Protection and Indemnity insurance of these ships is invalid due to EU sanctions and such insurance cannot be compensated in the event of an accident, a statement read.
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