Interest on deposits exceeds 30 percent after the Central Bank’s “three month” decision

While the Central Bank left the door open to a rate cut again before the elections in its meeting notes yesterday, on the other hand, the ‘three-month’ rule introduced by the Central Bank brought the deposit interest rate in banks closer to 30 percent. In some banks, this rate exceeded 30 percent with campaigns.

Citizens prefer to keep their savings in foreign currency due to erroneous economic policy. The Central Bank, on the other hand, is trying to force banks to convert their foreign currency accounts to TL within the scope of the ‘lira conversion strategy’. Although citizens return to TL, they prefer to keep the maturity short.

In order to change this, the Central Bank had reset the reserve requirement ratio on TL deposits for more than three months, making it zero.

DEPOSIT INTEREST RATES INCREASE TO 30 PERCENT

After the decision, deposit interest rates increased throughout the sector. Bankers said that with some campaigns, deposit interest was offered above 30 percent. In general, the rate is close to 30 percent.

In another warning, the Central Bank also asked for an end to practices that increased commercial credit costs and pointed out that regulation could be made if the process continues.