Despite the government's adopted measures and challenges, foreign exchange deposits of citizens have increased by between $ 5 billion and $ 86 billion over the last three months.
Citizens continue to buy foreign currency in spite of calling from government and calling.
In August, when the dollar peaked at 7.23 against TL, the total volume of bank foreign exchange deposits in the country, which reached USD 80 billion in August, exceeded $ 86 billion in the week ending 2 November. The increase of one week was $ 844.8 million. When the remnants of precious metals such as gold have been added, this figure has reached 92 billion 573 million dollars. At a time when the dollar / TL peaked, the citizen turned to cancel the foreign currency from the bank, fearing that he could be trapped or evicted from the bank.
Drop in institutions
Although the annual interest rate on TL deposits rose to 25 percent, the rate of inflation rose to 25.24 percent in October and rose to 25.24 percent. The total volume of foreign exchange deposits decreased by $ 1 billion a week to $ 64.8 billion. On the other hand, there was no significant change from USD 65 billion in the August period, when TL requirements increased and the fluctuation rate peaked.
The tax landed
In order to halt the massive weakening of the TL, the government reduced the rate of interest tax on the TL account by a decree issued on 31 August, increasing the rate of tax on foreign exchange deposits. For three months, the withholding tax rate will be 3 months, from 15% to 5% with a maturity of up to 6 months, from 12% to 3% with a maturity of up to 1 year; He was pulled. In foreign exchange deposits, the withholding rate has increased from 16% to 16% over maturity from 18% to 20% over maturity up to 6 months or up to 1 year.
SOURCE: EMRE DEVECİ