Turkey will support currency importers to country
2023.01.26 00:20
Turkey will support currency importers to country
By Kristina Sobol
Budrigannews.com – Companies that bring foreign currency into the country from abroad, sell it to the central bank, and promise not to buy foreign currency for a period determined by the bank will receive 2% foreign exchange conversion support, the Turkish central bank stated on Thursday.
According to the bank, businesses will be permitted to deposit the remaining amount into conversion accounts under a scheme that protects lira deposits against forex depreciation after selling 40 percent of the foreign currency they bring into the country to the central bank in accordance with pre-existing regulations.
It stated that businesses will receive support equal to 2% of the amount they convert and deposit in such accounts if they promise not to buy more foreign currency than they have sold to the central bank for a period determined by the bank.
According to the bank, the move aims to support the bank’s liraization targets in commercial activities. The lender will also decide if the currency sold to the central bank and deposited in lira protected accounts comes from outside the country.
