Turkey Deposit Rates High Enough for Switch to Liras, Akbank Says

The interest rates Turkish banks offer on deposits are high enough to encourage savers to switch from foreign currency to liras, the head of the country’s third-biggest private bank said, in a boost to government efforts to phase out FX-linked accounts.

The central bank’s decision last week to pay interest on some portions of required reserves helped push up rates, Kaan Gur, chief executive officer of Istanbul-based Akbank, said at a press conference in Istanbul.