The Central Bank of the Republic of Turkey (CBRT) announced on Sunday steps that aim to raise the level of Turkish lira deposits while decreasing foreign exchange-protected deposits "by ensuring transition from FX-protected accounts to Turkish lira deposits."
"Thus, the objective is to contribute to strengthening macro financial stability by supporting Turkish lira time deposits," the CBRT further clarified.
Foreign exchange-protected deposits were introduced in 2021 to support the nation's currency.