Recently, an excessive increase in exchange rates has
been observed in Turkey. For this reason, the Central Bank of the Republic of Turkey
announced that the locally-based legal entities can benefit from their support
if they convert their foreign currency and gold deposit and participation fund
accounts into Turkish liras term deposit and participation accounts. These supports were accepted upon being promulgated on
the Official Journal dated 11.01.2022.
First of all, the definition of "Legal entities
with legal settlements in Turkey, with the exception of banks and other
financial institutions designated by the Central Bank of the Republic of Turkey"
was made for any locally-based legal entity.
The supports mentioned
above are as follows;
1. Foreign currency deposits and participation fund
account balances of legal entities in Dollars, Euros and Pounds, available on
31.12.2021, are converted into Turkish Liras at the exchange rate upon request
of the account holder.
2. As for the gold assets, the gold account of legal
entities that is available on 31.12.2021 or the gold account balances for
processed and scrap gold that will be opened after that date are converted into
to Turkish Liras at the conversion price, if so requested by the account holder.
3. A Turkish Liras deposit or participation account for the locally-based legal entities is opened by the bank for a period of 6 months or 1 year.
Source: https://www.resmigazete.gov.tr/eskiler/2022/01/20220111-14.htm
