The Central Bank has repealed a regulation that allowed physical gold held outside the banking system to be converted into lira-denominated deposit and participation accounts.
The decision, published in the Official Gazette on Aug. 22, entered into force on the same day. The regulation had been in place since March 14, 2022.
New accounts and renewals under the scheme had already been halted on Aug. 23, 2025. Accounts opened before that date remained valid until maturity.
Under the repealed rules, savers could take physical gold to authorized jewelers or bank branches for transfer to gold accounts. At the account holder’s request, the balance was converted into liras at a price set by the Central Bank.
The funds were placed in deposit or participation accounts with maturities of three, six or 12 months, while banks sold the corresponding gold to the Central Bank at the conversion price.
At maturity, account holders received the principal together with interest or a profit share. If the increase in the gold price exceeded that return, the Central Bank covered the difference through the relevant bank.
The scheme also allowed an additional return under rules set by the Central Bank.
