Page 18 - TURKRptFeb22

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All in
account for the lira depreciation guarantees, continues. On December 31, the central bank said that it would release the base FX and gold rates six times per day.
“It’ll be alright on the night” and “He who dwells on what the end will bring cannot be a hero” are Erdogan regime mottos.
On January 11, corporate FX and gold deposit accounts were also included in the FX-deposit conversion scheme. A tax exemption for revenues from the scheme was also provided.
On February 1, Turks living abroad were also included in the FX-guaranteed lira deposit scheme. This is exactly the “convertible Turkish lira deposit” scheme seen in the 1970s.
The central bank is also holding TRY-settled FX forward selling auctions for exporters and importers. Previously, the authority held such auctions from November 20, 2017 to December 31, 2018.
The first auction in the new term was held on December 29. There is no big demand, with, later on, only SMEs were allowed to place bids.
The central bank will also short more lira-settled FX contracts on the Borsa Istanbul Derivatives Market (VIOP).
Exporters are now obliged to sell 25% of their export revenues to the central bank.
Turkey’s big state banks have reportedly set employee performance targets as they urge clients to convert hard currencies into Turkish lira.
all, all roads mean the printing of more and more lira.
Results
18 TURKEY Country Report February 2022 www.intellinews.com