The CBRT has sent instructions to banks that exchange-protected deposit products cannot be subject to derivative transactions.
With the amendment made by the Central Bank (CBRT) in the implementation instruction regarding currency protected deposit products, the relevant KKM accounts will not be subject to derivative transactions.
In the change in the implementation instruction sent by the CBRT to banks dated today, it was stated that “It is stipulated that the rotating deposit and participation accounts within the scope of the said instructions cannot be subject to derivative transactions”.
In the letter sent to the banks, it is stated that “Alternating deposit and participation accounts can be used as options, swaps, etc. cannot be subject to or associated with any derivative products.
It was also stated in the article that the CBRT will not “pay” the exchange rate/price differences for accounts that are found to be in violation of this provision.
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