Turkish cenbank says ends targeting conversion to FX-protected lira deposits
2023.08.19 20:50
© Reuters. FILE PHOTO: Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration
ANKARA (Reuters) – Turkish central bank said on Sunday it has stopped targeting conversion from foreign currency deposits to FX-protected lira deposits, adding it aimed to boost financial stability.
“As part of the simplification process, it has been decided to end the implementation that stipulates a target for conversion from foreign currency deposits to FX-protected deposits,” the bank said in a statement.
The statement also said the regulations were intended to increase Turkish lira deposits while decreasing FX-protected deposits by ensuring transition from FX-protected accounts to Turkish lira deposits.
