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Banking sources say exchange rate-protected TL deposit application has not succeeded to solve dollar accounts

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NUREDDIN NEBATI FINANCE MINISTER OF TURKEY

According to banking sources, the exchange rate-protected TL term deposits issued to convince locals  to solve their foreign exchange accounts, were not successful enough. The movement in foreign exchange accounts after the new product remained at the level of 1-2 percent. Even the transition from TL deposits to a currency-protected account was limited.

According to the information provided by the Minister of Treasury and Finance Nureddin Nebati, TL term deposits with currency protection reached 91.5 billion TL. Nebati also continues to repeat his statements that citizens has switched to exchange rate protected TL term accounts in programs that he participates in, on a different television channel almost every week.

The opinions of banking sources, on the other hand, differ from Nebati’s. According to what the DUNYA newspaperreports, citizens are rather converting their TL deposits into currency-protected TL deposits. Banking sources point out that only 1-2 percent of the convertible amount in individual foreign exchange deposit accounts is converted into currency-protected TL deposits.

Source: diken.com.tr/birak-dovizi-tlde-duranin-bile-kur-korumaliya-gecisi-sinirli/

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