Turkish central bank to determine maximum interest rate on converted lira deposits

ISTANBUL: Turkish central bank will determine the maximum interest rate on foreign currency and gold deposit accounts converted to lira in a scheme that protects local currency savings against exchange rate volatility, the Official Gazette showed on Tuesday.

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The scheme, announced in December, covers the difference if the difference in the exchange rate or gold value applicable at the end of the maturity is greater than the sum of the principal and yield.