Post by account_disabled on Mar 10, 2024 9:13:41 GMT
The to be provided to deposit and participation fund holders in case the said accounts are converted into Turkish Lira have been explained. The regulations included in the said Communiqu are briefly as follows. Conversion of Foreign Exchange Deposit Accounts and Participation Funds into Turkish Lira Time Deposit or Participation Accounts Foreign currency deposit accounts and foreign currency participation fund accounts in US dollars Euros and British Pounds existing on . will be converted to Turkish Lira at the conversion rate if the account owner requests.
Conversion rate will refer to the foreign exchange buying rate announced by the CBRT at on the day when the foreign currency in foreign currency deposit accounts and foreign currency participation fund Ecuador Mobile Number List accounts is converted into Turkish Lira. The foreign currency obtained by the bank as a result of this transaction will be purchased by the CBRT at the conversion rate and the equivalent Turkish Lira will be transferred to the relevant bank. A Turkish Lira deposit or participation account will be opened by the bank with a maturity of months months or year and the interest rate that the bank will apply to the deposit account cannot be below the oneweek repo auction interest rate determined by the CBRT.
If the return to be provided to the participation accounts is lower than the cost incurred in the oneweek repo transactions carried out by the participation banks within the scope of open market transactions with the CBRT the participation bank will cover the difference unilaterally. Payment of Exchange Rate Difference at the End of Maturity the principal and interest or dividends will be paid to the Turkish Lira deposit or participation account holder by the bank. If the end of maturity rate is higher than the conversion rate and the amount calculated based on the exchange rate difference is higher than the interest or profit share.
Conversion rate will refer to the foreign exchange buying rate announced by the CBRT at on the day when the foreign currency in foreign currency deposit accounts and foreign currency participation fund Ecuador Mobile Number List accounts is converted into Turkish Lira. The foreign currency obtained by the bank as a result of this transaction will be purchased by the CBRT at the conversion rate and the equivalent Turkish Lira will be transferred to the relevant bank. A Turkish Lira deposit or participation account will be opened by the bank with a maturity of months months or year and the interest rate that the bank will apply to the deposit account cannot be below the oneweek repo auction interest rate determined by the CBRT.
If the return to be provided to the participation accounts is lower than the cost incurred in the oneweek repo transactions carried out by the participation banks within the scope of open market transactions with the CBRT the participation bank will cover the difference unilaterally. Payment of Exchange Rate Difference at the End of Maturity the principal and interest or dividends will be paid to the Turkish Lira deposit or participation account holder by the bank. If the end of maturity rate is higher than the conversion rate and the amount calculated based on the exchange rate difference is higher than the interest or profit share.