Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Gold January 03, 2022 12:55:38 PM

Turkish Central Bank Urges Conversion of Gold Deposits to Lira Time Deposits

Paul Ploumis
ScrapMonster Author
The residents have been taking refuge in alternative assets such as gold and bitcoin in order to protect their savings.
Turkish Central Bank Urges Conversion of Gold Deposits to Lira Time Deposits

SEATTLE (Scrap Monster): The Central Bank of the Republic of Turkey (CBRT) has launched a new incentive scheme, encouraging residents to convert their gold deposits into Lira time deposit accounts. The move is regarded as a desperate attempt by it to halt the lira’s ongoing decline.

In a press release dated 21st December, 2021, the Turkish central bank announced that deposit and participation fund holders would be provided with incentive in the event that they converted their FX deposit accounts and participation funds into TL time deposit accounts. The decision is aimed at ensuring financial stability by boosting the share of Turkish lira in total deposits and participation funds in the banking system. Incidentally, the Turkish currency has recorded sharp depreciation in value, following the deep economic crisis in the country.

ALSO READ:

Turkish Gold Output to Hit Fresh Record in 2021

Turkish Gold Output Hit All-Time Peak Last Year

The residents have been taking refuge in alternative assets such as gold and bitcoin in order to protect their savings. The bitcoin trades had recently surged past the milestone of 1 million, underlining the popularity of digital currencies in the country.

Meantime, the CBRT is yet to publish the details of how it is planning to reward residents that have agreed to convert their gold or participation funds converted into lira.

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search