TRSK CENTRAL BANK INCREASED INTEREST RATE ON DEPOSITS TL

The Board of Directors of the Central Bank of the TRNC has raised the annual interest rates applied to deposit accounts in Turkish lira, reserve accounts, as well as to rediscount transactions, discount and advance transactions in Turkish lira, effective April 2, 2021.

According to a statement from the Central Bank's Administrative Center, the interest rate applied to deposit accounts in Turkish lira, on which interest is charged at the Central Bank, regardless of their maturity, ranges from 13.75 percent to 15.25 percent per annum. The interest rate applies to Turkish Lira. Foreign currency interest rates have not changed.

The discount interest rate to be applied in rediscounting transactions carried out by the Central Bank on commercial promissory notes issued in Turkish lira will range from 20.00% to 21.50% per annum in exchange for bonds of the industrial, export, tourism, education and agricultural sectors issued in Turkish lira. Discount interest rates to be applied on bookkeeping transactions range from 17.25 percent to 18.75 percent per annum, from 16.25 percent to 17.75 percent for small commercial promissory notes, and the interest rate applied in advance to transactions with foreign exchange is 16 percent.