Turkey Reveals Scheme That Encourages the Conversion of Gold Deposits Into Lira Time Deposits – Economics Bitcoin News

According to a statement by the Central Bank of Turkey, it recently announced that they have decided to offer incentives for gold-deposit and participation fund owners who request to convert them into liratime deposits.

To Boost Financial Stability, Incentives

CBRT, the Central Bank of the Republic of Turkey has launched an incentive program to encourage Turkish citizens to convert gold and participation funds into lira-time deposit accounts.

In a brief statement released in late December 2021, the central bank explained that this incentive scheme is intended “to support financial stability.” As has been widely reported, Turkey is in the midst of a deep economic crisis that has led to the sharp depreciation of the lira and the rising of prices.

This combination of falling currencies and rising inflation means that more Turkish citizens seek refuge in digital currency or gold. Bitcoin.com News reported that the country’s daily cryptocurrency trades have surpassed one million. This means that many more Turkish people are opting to save their money with alternative investments such as gold and bitcoin.

Conversion to Lira Time deposits

Therefore, as part of the Turkish government’s latest attempt to halt the lira’s decline, the central bank explained in the statement that “deposit and participation fund holders” choosing to convert their funds into lira will get incentives.

“The Central Bank of the Republic of Turkey has decided to provide [an] incentive to deposit and participation fund holders in the event that their gold deposits and participation funds are converted into Turkish lira time deposit accounts at the account holder’s request,” read a statement released by the central bank on December 29.

However, the statement does not provide details about how CBRT intends to reward residents who agree to convert their participation or gold funds.

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Terence Zimwara

Terence Zimwara was a Zimbabwean award-winning journalist and author. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

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