Companies can open TRY conversion accounts: Regulation

Legal entities residing in Turkey were included in the communiqué on the principles regarding the support to be provided if foreign currency deposit accounts, foreign exchange denominated participation funds, and gold accounts are converted into TRY time deposit and participation accounts. Two separate communiqués were published on the subject in today’s issue of the Official Gazette.

According to the government, resident legal entities’ foreign currency deposit accounts in dollars, euros, and pound sterling, as well as participation fund accounts in foreign currency and gold account balances, will be converted into TRY at the conversion rate if requested. TRY time deposit and participation accounts opened by domestic resident legal entities in deposit and participation banks will have maturities of 6 months or 1 year.

Banks will check that all transactions made within the scope of the communiqué are carried out in accordance with national and international standards regarding the prevention of money laundering and financing of terrorism. Banks and financial institutions determined by the Central Bank to be connected to these activities will not be able to benefit from the application, according to the regulation.

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