A new wave of increase in KKM interest is expected

The Central Bank made a new move to reduce the demand for foreign currency and gold and to increase the interest in currency-protected deposits. Aiming to cut cash withdrawals from credit cards, jewelery and foreign currency purchases with credit cards on the first business day after the election, the Central Bank brought an additional transformation target for real persons in the conversion from foreign currency to TL for banks.

According to the news of Şebnem Turhan from the Economy newspaperAfter the decision that took the bank managements to an emergency meeting, the banking sector resources stated that the Central Bank aimed to shift the citizen from foreign currency and gold purchases to KKM with this step, and pointed out that in the environment where TL deposit interests reached 40 percent, foreign currency return KKM interest rates could also increase to 50 percent. .

With the amendment published in the Official Gazette yesterday, the Central Bank rearranged the additional conversion obligation thresholds from foreign currency to TL for real person accounts. Accordingly, in case of an additional conversion of less than 10 percent in real person accounts from May 26 to July 28, banks will establish securities equal to the missing amount for 6 months. The conversion targets set in April included a conversion rate of 5 percent for both real and legal persons. Now, an additional 5 percent plus 10 percent conversion goal has been set for real people.

The additional conversion rate from foreign currency to TL, which was increased to 10 percent after 28 July, will be increased to 30 percent, and the banks that cannot meet this rate, on the other hand, brought the additional Central Bank to the banking sector with the target of conversion from additional foreign currency to TL for real persons. Banking sector sources emphasized that these steps aim to reduce the demand for foreign currency and gold and increase interest in KKM, and that the interest given to KKM can reach up to 50 percent.

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