June 7, 2020 / 4:01 PM / 2 months ago

Turkey's Yapi Kredi imposes limit on time forex deposit accounts as of June 13

(In official correction, bank clarifies move is aimed at time forex deposit accounts)

ISTANBUL (Reuters) - Turkish bank Yapi Kredi will impose a limit on time foreign exchange (forex) deposit accounts and a minimum duration on some such accounts as of June 13, according to an email sent to customers seen by Reuters on Saturday.

In the email, the bank also said it would not renew time forex deposit accounts lower than 10,000 dollars, euros or pounds as of June 13.

It will open time deposit accounts between 10,000 and 25,000dollars, euros or pounds with a minimum maturity of three months, it added.

“The bank easily achieves its asset ratio, but this limit was raised due to profitability pressure. The maturity for forex deposits is extremely low anyway,” a banking source said.

Reporting by Ezgi Erkoyun; writing by Tuvan Gumrukcu; editing by Mark Potter

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