Withholding support extends to the end of the year in Currency Protected Deposits

According to the information Bloomberg obtained from a senior official, the work to prevent withholding in these accounts was sent to the Presidency with the signature of the Minister of Treasury and Finance Mehmet Şimşek.

Following the approval of President Recep Tayyip Erdoğan, the decision is expected to be published in the Official Gazette. The application was ending at the end of this month.

The Treasury also fixed the withholding rates on other deposit accounts, which vary according to maturities. With the publication of the decision, the withholding rates applied as 20 percent and 18 percent according to their maturities for the interests currently charged to foreign exchange deposit accounts and dividends paid to foreign exchange participation accounts by participation banks will be 25 percent, regardless of maturity.

According to BRSA data, currency protected deposit accounts increased by 2 percent in the week of June 16, and net inflow was 52.3 billion TL. Total deposits reached TL 2.63 trillion,