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Turkey to charge 1.5% commission fees on deposits in foreign currency

Turkey to charge 1.5% commission fees on deposits in foreign currency
Turkey to charge 1.5% commission fees on deposits in foreign currency

The Central Bank of the Republic of Turkey plans to charge 1.5% commission fees on deposits in foreign currency from 7 Jan 2022, Report News Agency says, referring to Anadolu agency. 

The cause for setting commission fees turns out to be the depreciation of the Turkish Lira. 

Turkey's Recep Tayyip Erdoğan urges citizens to save money in the national currency. 

Turkey's Central Bank reduced deposit rates to 14% (earlier they stood at 15%), with this resulting in a sharp fall in the exchange rate of the Turkish Lira. On Dec 20, the USD reached its record high of 18.4 Lira. 

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