Automotive Exports May 2022

CBRT unveils
website for
converted lira
deposit scheme
for expats
The Central Bank of the Republic of Turkey
(CBRT) launched an informational website
regarding the recently unveiled scheme
to encourage expats to repatriate their
savings to Turkey.
The scheme, “Deposit and Participation
Scheme for Nonresident Turkish Citizens”
and known as YUVAM in short, was
announced earlier in February and came
amid efforts to safeguard Turkish lira
savings against exchange rate volatility.
On “yuvam.tcmb.gov.tr,” visitors can
access informational videos, booklets
and legislation about the application. In
addition to the yield calculator, the site
also provides answers to frequently asked
questions from users.
The YUVAM account enables nonresidents
and their companies abroad to invest their
savings in Turkish liras at banks in Turkey.
The central bank provides YUVAM accounts
with an additional return guarantee in
addition to the exchange rate protection
guarantee.
Flexibility comes to the fore in the account
application. Accordingly, there is no upper
or lower limit on the amount when opening
a YUVAM account, and people can open a
YUVAM account whenever they want.
It is part of a scheme unveiled by President
Recep Tayyip Erdoğan to encourage foreign
currency holders to convert their funds to
lira and keep their savings in the national
currency.
The initiative was unveiled after the lira fell
to a record low of 18.40 to the U.S. dollar
on Dec. 20 last year before rallying sharply
to just over 10 and then settling at current
levels of just under 14 to the U.S. currency.
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