The Central Bank of the Republic of Turkey, the CBRT, announced that if banks and institutions sell the foreign currency they obtained from abroad to the Central Bank, they will be given support for conversion from foreign currency to TL.
In the statement made late at night by the Central Bank of the Republic of Turkey, it was stated that within the scope of the Monetary Policy and Lyration Strategy for 2023, it was decided to support the conversion of foreign currencies of companies into Turkish lira in order to support liraization in commercial life.
It was stated that with the similar regulations made by the Central Bank of the Republic of Turkey this week and the previous week, an additional support will be provided if institutions and banks bring the foreign currency they keep outside the country, and in this case, it will be used to support the current stable foreign exchange policy.
With this regulation made by the CBRT, all institutions, including tourism professionals and exporters who regularly sell foreign currency to the Central Bank of the Republic of Turkey, will be supported if they bring their foreign currency into the country. The regulation is based on the principle that the foreign currency brought into the country is added to the reserves of the CBRT and the amount is kept as exchange-protected deposits.
According to the Communiqué on Supporting the Conversion of Foreign Currency of Firms into Turkish Lira published in the Official Gazette and the new statement, in return for the declaration that foreign exchange will not be purchased for a period determined by the Central Bank, during the sale of foreign currencies of companies abroad to the Central Bank of the Republic of Turkey, It has been announced that 2% of the amount converted into Turkish Lira will be given foreign currency conversion support.
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