Turkish cenbank says ends targeting conversion to FX-protected lira deposits

Last updated: 20th August 2023 3:20 am

1 Min Read

(Reuters) – Turkish central bank said on Sunday it has stopped targeting conversion from foreign currency deposits to FX-protected lira deposits, adding it aimed to boost financial stability.

“As part of the simplification process, it has been decided to end the implementation that stipulates a target for conversion from foreign currency deposits to FX-protected deposits,” the bank said in a statement.

The statement also said the regulations were intended to increase Turkish lira deposits while decreasing FX-protected deposits by ensuring transition from FX-protected accounts to Turkish lira deposits.

Reporting by Ece Toksabay, editing by Deepa Babington

Share This Article

By News About Turkey - NAT

Follow:

Founded by a small group of Turkish/Kurdish scholars who have been subjected to persecution at the hands of the Erdogan dictatorship, News About Turkey (NAT) has emerged as a platform that is both exceptional and invaluable. Our objective is to provide you with a comprehensive and sophisticated understanding of the events and developments in Turkey (Türkiye), a country with profound historical and geopolitical importance, a vibrant culture, and a strategic location. Our founders, who have been purged by the Erdogan regime after the so-called coup attempt, are aware of the significance of journalism that is both free and independent. Because of this understanding, we are committed to providing reporting and analysis that is both objective and comprehensive. To give you the most thorough coverage of Turkey, we go further than just scratching the surface. Keep in touch with us so that you can have a better understanding of Turkey's developing story as well as vital and comprehensive news items. Whether you are a resident of Turkey, a member of the Turkish/Kurdish diaspora, or simply someone who has a strong interest in this vital country, we are the most reliable source for news that not only informs but also inspires and engages you.