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Turkey Govt Publishes Details of Support for Lira Deposits

TURKEY
  • Instrument applies for individuals that have lira deposit accounts with maturities of 3, 6, 9 and 12 months
  • Minimum interest rate will be central bank’s benchmark rate
  • Exchange rate difference calculation to be made by using dollar buying rate to be published by central bank at 11am every day
  • Exchange rate difference will be deposited to client’s account in liras, in case the difference is greater than the lira deposit rate at end of maturity
  • Banks may join the system voluntarily
  • No withholding tax on such accounts
  • Govt working to implement the system for Islamic banks
  • Link to statement in Turkish: https://twitter.com/HMBakanligi/status/14732487758...
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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