Türkiye reveals a scheme that promotes the conversion of gold deposits into lira festival money-economy
Türkiye reveals a scheme that promotes the conversion of gold deposits into lira festival money-economy
The central bank of the Republic of Turkey recently announced that it has decided to create incentives for owners of gold deposits and participation funds who want to convert them into lira festival funds, according to a statement by the central bank.
incentives to strengthen financial stability
The central bank of the Republic of Türkiye (CBRT) has announced the introduction of an incentive system that encourages Turkish residents to convert their gold deposits and participation in Lira fixed money accounts.
in brief Explanation published at the end of December 2021, the central bank said that this incentive system should "support financial stability". As has been reported, Turkey is located in the middle of a deep economic crisis that has led to a strong devaluation of the Lira and rising prices.
This combination of falling currency and increasing inflation has in turn led to more Turkish residents looking for refuge in alternative value preservatives such as gold and digital currencies. As recently by bitcoin.com news Cryptocurrency transactions in this country recently exceeded the mark of one million. This milestone indicates that more Turkish residents choose to protect their savings with alternatives such as Bitcoin and Gold.
conversion into lira fixed fees
As part of the recent attempt by the Turkish government to stop the decline of the Lira, the central bank therefore explained in the explanation that "owners of deposit and participation funds", which are exchanged in Lira, will receive incentives.
"The Central Bank of the Republic of Turkey has decided to [An] incentive for deposit and participation fund owners in the event that their gold deposits and participation funds are converted into Turkish Lira fixed money accounts at the request of the account holder," says a statement published on December 29.
However, the explanation does not contain any details of how the CBR plans to reward residents that are ready to exchange their gold or participation funds.
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