Interest rates to be imposed on foreign exchange deposit accounts in Turkey

Published May 1st, 2003 - 02:00 GMT

Turkey’s Central Bank has decided to impose interest rates on foreign exchange deposit accounts with credit letters and super FX accounts. Effective immediately, annual interest rates for euro-denominated accounts have been decreased to 3.5 percent from four percent for one-year maturity and to 3.75 percent from five percent for two-year maturity.  

 

Annual interest rates for US-dollar denominated accounts have been decreased to 2.5 percent from four percent for one-year maturity and to three percent from five percent for two-year maturity. 

 

Annual interest rates for UK Pound-denominated accounts have been decreased to four percent from six percent for one-year maturity and to 4.25 percent from eight percent for two-year maturity. 

 

Annual interest rates for Swiss Franc-denominated accounts have been decreased to two percent from 3.5 percent for one-year maturity and to 2.25 percent from 4.5 percent for two-year maturity. 

 

Annual interest rates for euro-denominated super FX accounts have been decreased to seven percent from eight percent for one-year maturity, to 7.25 percent from nine percent for two-year maturity and to eight percent from 10 percent for three-year maturity. 

 

Annual interest rates for US dollar-denominated super FX accounts have been decreased to six percent from eight percent for one-year maturity; to 6.5 percent from nine percent for two-year maturity and to seven percent from 10 percent for three-year maturity. 

 

Meanwhile, the rate of interest applied to the amount withdrawn prior to the maturity date, which was two percent, has been cut down to one percent for super FX accounts and to 0.5 percent for foreign exchange deposit accounts with credit letters. — (menareport.com) 

© 2003 Mena Report (www.menareport.com)


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