Banks who call their customers with foreign currency deposits one by one and ask them to switch to KKM, ask those who have large amounts of money to move their accounts to another bank. However, most of the customers reject this offer as KKM loses its attractiveness with the 12% interest rate due to the stability of the foreign currency for 2 months.
The decision of the Central Bank (MB) to impose an 8 percent commission on the required reserves of those who could not increase the share of TL deposits in total deposits brought in in November to over 50 percent by the end of December scared the banks. While many banks call their customers with foreign currency deposits one by one and ask them to switch to currency protected deposits (KKM), some ask those with large accounts to move their deposits to another bank.
However, most of the customers turn down this offer as KKM loses its attractiveness with the 12% interest rate due to the stability of the foreign currency for 2 months. According to the news of Nuray Tarhan from Halktv The CBT decided to terminate the commission application, which is determined at the rate of 5 percent per year to be collected over the amounts held in foreign currency in required reserve and notice FX deposit accounts and differentiated according to conversion rates until the end of the year, as of 30 December, and the rates to be applied gradually.
Accordingly, banks will pay 8 percent commission if their TL deposit share is below 50 percent, 3 percent if they are between 50-60 percent, and zero commission if they are above 60 percent.
‘BANKS INCREASES TL INTERESTS TO OVER 30 PERCENT TO KEEP THE TARGET’
Baskent University Head of International Finance and Banking Department Prof. Dr. Şenol Babuşcu stated that banks have little time left to fulfill the rule and said, “I predict that banks will increase the annual TL deposit interest rate, which is currently around 26-27 percent, above 30 percent on Monday.
Otherwise, it will be very difficult for them to achieve their goals.” Pointing out that the rate of TL deposits increased from 47 percent to 50.5 percent after the decision announced in November, Babuşcu said, “Now the situation has turned into a matter of heart. There are banks that call customers with 100 thousand dollars and negotiate ‘change at least 10 thousand dollars’,” he said.
‘BANKS PAY 10 PERCENT OF THEIR PROFITS AS A COMMISSION’
Banking expert and economist Erol Taşdelen reminded that banks also have obligations to set aside bonds according to the share of TL deposits in the total. Of course, since banks are the units that follow the market best, they have difficulty calculating how much loss they will lose from the bonds they buy when the bond interest rates increase after 2 days.
Emphasizing that with this regulation, banks are faced with an additional commission penalty of around 50 billion TL at the CBRT under the current conditions, Taşdelen said, “When it is considered that the banks announced a net profit of 335 billion TL in 10 months, almost 10 percent of the estimated 450 billion TL profitability that will be generated by the end of the year is commission. They are faced with a payment situation.
Considering that the taxes of the banks have been increased from 20 percent to 25 percent, the fact that they face the danger of paying half the tax to be paid, inevitably disturbs the banks, especially CEOs, “he said.
İŞBANK GENERAL MANAGER OBJECTED
Hakan Aran, General Manager of İşbank, stated that the bank does not have a target of capturing 50 percent in TL deposits and emphasized that they will bear the consequences of this.
Aran, in his statement on November 28, stated that it is necessary to respect customer preferences and that İşbank would not take a wrong step.