Turkish corporates can open lira deposit protection scheme accounts without converting FX

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara
A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. REUTERS/Cagla Gurdogan

ANKARA, March 30 (Reuters) - Turkish companies facing forex payments will be able to open lira accounts protecting against depreciation without needing to convert foreign exchange, and a central bank source said on Thursday there would no limit on the interest rate offered.

An announcement in the country's Official Gazette said the accounts will have a minimum maturity of one month compared to a previous minimum of three months under the scheme.

Ankara launched the scheme protecting lira deposits from depreciation in late 2021 to ease an historic currency crash in which Turks were flocking to dollars. The lira lost 44% versus the dollar that year, and nearly 30% in 2022 but has stabilised this year ahead of May elections.

Reporting by Nevzat Devranoglu; Writing by Can Sezer; Editing by Daren Butler

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