While interest on TL term deposits has risen to 42 percent, some private banks may apply higher rates to convert KKM returned in foreign currency into forward TL.
The Central Bank’s Monetary Policy Committee (PPK) raised interest rates by 750 basis points to 25 percent on August 24. Before the interest was announced, the Central Bank made a new decision to pave the way for the return of deposits in TL from KKM.
Under these decisions, the banking sector must meet the target of converting 50 percent of TL-returning KKM accounts and 5 percent of foreign-currency-returning KKM accounts into term deposits. The settlement date in the applications started yesterday. Banks that do not comply with this condition will face the purchase of securities.
State banks applied 35-37 percent
According to Ekonomim’s Shabnem Turhan, on the first day, business stepped up with the aim of converting currency-protected deposit accounts provided to banks by the Central Bank as part of the steps to exit currency-protected deposits into TL time deposits.
Although interest rates on TL time deposits have risen, some private banks have initially reduced the interest rate on TL time deposits to 33-42 percent, depending on their maturity and size.
On the other hand, in state-owned banks, the interest rate on time deposits TL was 35-37 percent. While the same interest rates apply to both savers who have never entered KKM and to convert KKM to TL deferred deposits at state banks, the plus 2 pip difference came to the fore for the conversion of KKM accounts to foreign exchange in some private banks. banks.