In effect for 2 years: Central Bank decision concerns gold and foreign currency account holders!

The Central Bank of the Republic of Türkiye (TCMB) has repealed two important communiqués published in the Official Gazette. Thus, the former regulations that encouraged the conversion of both foreign currency and gold accounts into TL deposit or participation accounts have been cancelled.

The "Communiqué on Supporting the Conversion of TL Deposit and Participation Accounts" dated December 21, 2021, and the "Communiqué on Supporting the Conversion of Gold Accounts into TL Deposit and Participation Accounts" published on December 29, 2021, will no longer be in effect. As a result of this decision, the incentives and support offered to those who convert these accounts to TL have been completely removed.

With the repeal of both regulations, the previous advantages for customers with gold and foreign currency accounts regarding conversion to TL have ended. The implementation and monitoring of the repealed communiqués will be carried out by the Governor of the Central Bank.

These supports, which had been in effect for approximately two years, played an important role in directing foreign currency and gold accounts toward Turkish Lira deposits. With this change, bank customers who wish to decide on conversion to TL will no longer be able to benefit from the previous incentives.

News Source: 12punto