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CBRT: Gold savings to be encouraged to return to lira

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According to the decree published in the Official Gazette, the CBRT will support the conversion of gold deposit accounts in banks into lira.

 

·        In case the fall of TRY against gold exceeds the bank’s interest rates, the Central Bank will compensate the loss incurred by TRY depositors.

·        This is a one-time support for depositors converting gold savings accounts.

·        The gram gold price to be announced by the Central Bank at 11:00 on that day will be taken as the basis for converting gold accounts into Turkish Lira.

·        Accounts can be opened with a maturity of 3, 6 and 12 months.

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·        The interest to be applied by the bank to the account cannot be below the one-week repo auction rate determined by the Central Bank.

·        At the end of maturity, the bank will pay the principal and interest to the account holder in Turkish Lira. However, if the difference in gold prices at the end of maturity is more than the interest rate, the Central Bank will pay the difference.

·        No payment will be made if the account is corrupted before its due date.

 

With the latest product, it seems that it is desired to increase the dissolution effect in FX or gold. At this stage, the direct guarantee of foreign currency and gold returns seems to be useful for those who have TRY. However, in an inflation environment, it is difficult for the maturity condition to create the same mass action in terms of converting from FX or gold accounts to TRY, at least certain conditions, especially the stability factor, will be sought. When we look at it, the principles of converting gold accounts to TRY are the same in terms of converting from FX to TRY. There are also maturity terms regarding the yield payment, and there is no interest payment or difference payment on maturity. Although the general principles are seen as buying an option with a zero price, there is actually a limited risk, since if the day’s rate is lower in the expiry date, it will be taken as the basis. This shows that, at least, the deposit decisions on the maturity dates will be the basis for receiving the interest payment. If the principal and interest payment or foreign currency/gold has gained more value on the maturity date, its return is guaranteed.

 

Deposit rates started to increase when the currency protected product was first announced. The interest limit is set at 17% for the currency protected product (Policy interest + 3). The difference between market-based borrowing costs is roughly 6-7 points (Benchmark bond rate 23.3%). Inflation is expected to be at least 26-27% by the end of the year and above the 30-35% band in the first few months of the next year. The conversion rate in the next 3-4 months is critical, as the incentive to hedge against inflation is also important when returning from FX or gold.

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