Free Trial

Turkey Bill Empowers Erdogan on FX-Protected Deposit Accounts

TURKEY
  • A bill submitted to parliament on Tuesday by ruling AK Party grants a series of powers to President Recep Tayyip Erdogan regarding the new deposit tool announced to arrest the lira’s depreciation.
  • President will have the authority to determine methods and details related to govt support to be paid to deposit holders
  • President has the authority to extend deadline to open a FX-protected deposit account by 1 year when it expires end-2022
  • Treasury & Finance Ministry has the authority to demand information and data from banks and central bank related to the accounts
  • President will also have the authority to provide a price difference due to lira’s depreciation to companies that have undertaken public contracts
  • Bill stipulates that govt matching contribution in private pension system be raised to 30% from 25%
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.