The Presidential Decree on the subject entered into force after being published in the Official Gazette.
With the regulation, it is aimed to increase the demand for Turkish lira financial instruments, to ensure the efficiency of financial markets, to increase the depth in financial markets, to contribute to the healthy development of the financial sector and national economy by maintaining the stability in the exchange rate.
With the regulation, the upper limit of interest in Turkish lira applied to currency-protected time deposit accounts was abolished. The interest rate to be applied to Turkish lira currency-protected deposit accounts will be freely determined between banks and beneficiaries.
Previously, a maximum interest rate of 3 percentage points above the policy rate could be applied to Turkish lira currency protected deposit accounts.