Turkey announces plan to encourage conversion of gold deposits into lira fixed deposits – Economics Bitcoin News

A statement from the Central Bank of Turkey stated that the Central Bank of the Republic of Turkey has recently revealed that it has decided to provide incentives to gold deposits and participating fund holders who request their conversion into lira time deposits.

Incentives designed to promote financial stability

The Central Bank of the Republic of Turkey (CBRT) announced the launch of an incentive program to encourage Turkish residents to convert their gold deposits and participating funds into lira fixed deposit accounts.

in short statement The central bank released it in late December 2021, explaining that the incentive plan was designed to “support financial stability”. As widely reported, Turkey is in the midst of a severe economic crisis, which has led to a sharp depreciation of the lira and a rise in prices.

In turn, the combination of currency depreciation and rising inflation has caused more Turkish residents to seek refuge in alternative value stores such as gold and digital currencies.recent Report According to Bitcoin.com News, the number of daily cryptocurrency transactions in the country recently exceeded the 1 million mark. This milestone shows that more and more Turkish residents are choosing to use alternatives such as Bitcoin and gold to protect their savings.

Convert to Lira fixed deposit

Therefore, as part of the Turkish government’s latest attempt to prevent the devaluation of the lira, the central bank explained in a statement that “deposit and participating fund holders” who choose to convert their funds into lira will be rewarded.

“The Central Bank of the Republic of Turkey has decided to provide [an] If their gold deposits and participating funds are converted into Turkish Lira fixed deposit accounts at the request of the account holders, there will be incentives for deposits and participating fund holders,” said the Central Bank in a statement issued on December 29 road.

However, the statement did not elaborate on how the CBRT program rewards residents who agree to switch their gold or participate in the fund.

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Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer in Zimbabwe. He has written a large number of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.

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