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Deadline extended for foreign currency-converted Protected Time Deposit accounts

Communiqués containing amendments made by the Central Bank of the Republic of Turkey (TCMB) to the Communiqué on Supporting the Conversion of Turkish Lira Deposit and Participation Accounts and the Communiqué on Supporting the Conversion of Gold Accounts to Turkish Lira Deposit and Participation Accounts have been published in the Official Gazette.

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Deadline extended for foreign currency-converted Protected Time Deposit accounts

Accordingly, within the scope of the Protected Time Deposit Account, domestic resident individuals will be able to convert their gold, US dollar, euro, and British pound-denominated foreign currency deposit accounts and foreign currency-denominated participation fund accounts existing in banks as of March 31, 2024, into Turkish Lira.

No updates were made to the previously determined dates for the balances to be taken as the basis for the conversion of gold, foreign currency deposit accounts, and participation funds of domestic resident legal entities into time-deposit TL accounts or participation accounts.

TL conversion transactions will be carried out upon the request of the account holders and at the conversion rate.


News Source: AA