CBRT: The conversion method changes in FX-protected deposits

CBRT: The conversion method changes in FX-protected deposits

With the decrees published in the Official Gazette, the foreign exchange price fixing method of the conversion rates and expiry rates of FX-protected and gold-protected deposits was changed.

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With the decrees published in the Official Gazette, the foreign exchange price fixing method of the conversion rates and expiry rates of FX-protected and gold-protected deposits was changed:

The conversion rate used to determine the level of TRY against foreign currency at the opening date of new accounts will be determined using the rates to be announced six times a day.

Previously, the exchange rates announced by the Central Bank at 11:00 a.m. were taken as basis. The fixing announced at 11:00 will continue to be used in determining the rate at maturity.

In the event that the income to be provided to the participation account is lower than the cost incurred in the one-week resale promise and purchase transactions made by the Central Bank within the scope of open market transactions with participation banks, the participation bank will make a difference within the framework of Participation banking principles and the Central Bank will not pay for the unpaid portion.

The bank pays the principal and interest to the holder of the Turkish Lira deposit account at the end of the maturity date, and the balance of the participation account at the end of the maturity date.

Normally, the CBRT announces the benchmark exchange rates at 15.30; the conversion rate would be announced every day at 11:00, especially for the deposit product converting from FX to TRY. The practice of specifying the conversion rate specifically for currency protected deposits has been abolished. The CBRT will announce the exchange rate every hour between 10:00 and 15:00. E.g; The CBRT announced the buying rate at 12:00, in this case, you will open an account in the account type converted from FX to TRY between 12:00 and 13:00 at that rate. Between 13:00 and 14:00, an account will be opened on the basis of the exchange rate announced at 13:00.

Kaynak: Tera Yatırım
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