Attention those with gold and foreign currency in the bank: Central Bank's 'conversion to Turkish Lira' move

The Central Bank of the Republic of Türkiye (TCMB) has taken a new step to support the "conversion to Turkish Lira."

The communiqué regarding the amendment to the Communiqué on Supporting the Conversion of Turkish Lira Deposit and Participation Accounts has been published in the Official Gazette and entered into force.  

The amendment includes the following statement: "Gold accounts held in banks by domestic resident individuals as of 31.8.2024, and by domestic resident legal entities as of 31.12.2021, shall be converted into Turkish Lira at the conversion price upon the request of the account holder."  

Another communiqué was issued regarding the amendment to the support for the conversion of Turkish Lira deposit and participation accounts. The amendment includes the statement: "Foreign currency deposit account balances and foreign currency participation fund account balances in US dollars, Euros, and British pounds held in banks by domestic resident individuals and domestic resident legal entities as of 31/8/2024 shall be converted into Turkish Lira at the conversion rate upon the request of the account holder."

News Source: 12punto