Turkish Central Bank Says To Support Conversion Of Gold Deposits To Lira

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The Turkish Central Bank said on Wednesday it had decided to provide an incentive to those who convert their gold deposits and participation funds into Turkish lira time deposit accounts.

President Tayyip Erdogan announced last week an incentive for savers to convert forex deposits into lira, under which the Treasury and Central Bank will reimburse losses incurred due to an erosion in lira value during the deposit period.
– Reuters

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