SAFAKNA TURKEY – The Central Bank of the Republic of Turkey (CBRT) has stopped the premium practice of banks when converting cash registers in foreign currency. In the current situation, banks offered their customers several bonus points in addition to interest on KCM transactions with a counterparty of the Central Bank of the Russian Federation. With this practice, although the signage rate remains low, the difference that must be covered by the CBRT in case of a possible appreciation of the exchange rate will increase. In a letter sent to the banks of the Central Bank of the Russian Federation, it was reminded that the upper limit of the interest rate when converting foreign currency KCM was removed, and the premium offered to customers is proposed to be added to the interest rate. Thus, the potential exchange difference payable by the CBR will be reduced.
The upper limit of the interest rate was removed at the end of January in KKM on the side of the Central Bank of the Russian Federation.
The letter sent to banks by the Central Bank of the Russian Federation lifted the interest limit on deposit transactions with currency protection, for which the Central Bank of the Russian Federation is a counterparty. Previously, a cap of 3 points was applied to the interest rate above the discount rate in KKM.
KKM increased by 180 billion TL in 1.5 months
After the abolition of the upper limit of interest on KCM, there was great interest in this area, especially from the legal side. Over the past month and a half, the total amount of KKM has increased by 180 billion lira. Thus, the total amount of deposits protected by the currency rose to a record level of 1.55 trillion Turkish liras. Over the same period, there has been a decline in foreign currency deposits of more than $12 billion.
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