18.04.2023/58
Foreign Currencies Held in Banks Between 31.12.2021 and 31.03.2023 Can Be Converted into KKM Accounts.
The Official Gazette dated 01.04.2023 and numbered 32150 published the “Regulation Amending the Regulation on Supporting the Conversion to Turkish Lira Deposit and Participation Accounts (No: 2023/7)”, which amends the “Regulation on Supporting the Conversion to Turkish Lira Deposit and Participation Accounts (No: 2021/14)”.
According to the amendment, foreign currency deposit accounts and foreign currency participation fund accounts, in USD, Euro, and British Pound, that were held in banks between 31/12/2021 and 31/03/2023 by domestic residents (real persons) and domestic legal entities, may be converted into Turkish Lira at the conversion rate upon the account holder’s request.
Furthermore, the expression “Banks will open 3-month, 6-month, or 1-year maturity Turkish Lira deposit or participation accounts for domestic residents (real persons) and domestic legal entities.” has been changed to “The maturity periods of Turkish Lira deposit or participation accounts to be opened by banks will be determined in the procedures and principles to be published by the Central Bank.” Thus, the way to lift the maturity limitation has been opened.
You can access the relevant regulation here.
Sincerely,
BİLGENER
