Turkey unveils a program to encourage the conversion of gold deposits into lira fixed-term deposits

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The Central Bank of the Republic of Turkey recently announced that it had decided to create incentives for holders of gold deposits and equity funds who wish to convert them into lira fixed-term deposits, the central bank said in a statement.

Incentives to strengthen financial stability

The Central Bank of the Republic of Turkey (CBRT) has announced the introduction of an incentive system that encourages Turkish residents to convert their gold deposits and equity funds into lira fixed-term deposit accounts.

In a brief statement published at the end of December 2021, the central bank stated that this incentive system should “support financial stability”. As has been widely reported, Turkey is in the midst of a deep economic crisis that has led to a sharp devaluation of the lira and rising prices.

This combination of falling currencies and rising inflation has, in turn, led more Turkish residents to seek refuge in alternative stores of value such as gold and digital currencies. As recently reported by Bitcoin.com News, the number of daily cryptocurrency trades in this country recently passed the one million mark. This milestone suggests that more Turkish residents are choosing to protect their savings with alternatives like bitcoin and gold.

Conversion into lira time deposits

As part of the recent attempt by the Turkish government to halt the decline in the lira, the central bank stated in the statement that “deposit and equity fund holders” who convert their money into lira will receive incentives.

“The Central Bank of the Republic of Turkey has decided [an] Incentive for deposit and equity fund holders in the event that their gold deposits and equity funds are converted into Turkish lira fixed-term deposit accounts at the request of the account holder, ”said a statement released by the central bank on December 29.

However, the statement does not provide details on how the CBRT plans to reward residents who consent to the conversion of their gold or equity funds.

What do you think of this story Let us know what you think in the comments below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide an escape route for Africans.



Photo credit: Shutterstock, Pixabay, Wiki Commons

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