FX-protected deposit accounts attract 1.3 trillion Turkish Liras

FX-protected deposit accounts attract 1.3 trillion Turkish Liras

FX-protected deposit accounts attract 1.3 trillion Turkish Liras

FX-protected deposit accounts that were launched some nine months ago have attracted more than 1.3 trillion Turkish Liras of savings, Treasury and Finance Minister Nureddin Nebati has said.

Having more lira assets and deposit accounts with longer maturity are crucial both to investments and loans, Nebati said.

“Savers win and investors have easier access to loans. We favor a system which reduces dollarization, reduce inflation, channel loans to investments, exports and job creation,” he wrote on Twitter.

This reformist approach, which prioritizes the use of the Turkish Lira, helps the wheels of the economy to keep turning, the minister said.

Separately, the Treasury and Finance Ministry said authorities will scrutinize the e-commerce activities in order to prevent the government’s tax revenue losses.

E-commerce business models and marketing strategies have been monitored via a system called “RADAR,” the ministry said in a statement.
Through this monitoring system, data on 6,000 taxpayers have been analyzed and officials are in the field to inspect those who fail to properly report their incomes.

“We are closely monitoring the advertisement revenues generated on social media and revenues from content production, online games and live streams. Data on 65,000 individuals have been inspected via analysis of outlets such as YouTube, Facebook, Instagram, Bigo Live, Twitch, TikTok, DLive and Scorp.”

Those studies have revealed that 50,000 people failed to meet their tax obligations, the statement added.

Authorities also watch the revenues generated by clubs, players and advertisements in the e-sport market.

The ministry’s Risk Analysis Department is also keeping an eye on digital nomads, including freelance software developers and those who offer graphic design services.

Türkiye, FX deposits,