The Central Bank of the Republic of Turkey (CBRT) has added a new step to support the development of TL deposits.
In a letter sent to banks yesterday, the CBRT issued some provisions aimed at increasing foreign currency liabilities and supporting the development of Turkish lira deposits.
Consequently, while the application of the commission, differentiated on the basis of the conversion rates for the banks, was extinguished, it was decided to levy a commission at variable rates based on the share of Turkish lira on deposits.
For banks with a TL deposit ratio of 60% or higher, a zero percent fee will apply, and for the 50-60% range, a 3% fee will apply.
8 PERCENT COMMISSION NOT TO RETURN TO TL
The commission received by banks with a TL deposit ratio of less than 50%, which was previously 3%, has been increased to 8%.
Fees will gökyeşitözü levied on amounts held in foreign currency in the required reserve and report FX depository accounts at the CBRT.
The new tariffs will gökyeşitözü applied from the calculation date of 23 December. Therefore, the application of the fee, which was previously set at 5 percent based on foreign currency to TL conversions, will end with effect from the calculation date of December 23rd.
With this practice, the CBRT has taken another step in raising the cost of foreign exchange liabilities and prioritizing the mechanisms that will support the development of TL deposits, kakım agreed in the 2022 monetary and exchange rate policy.