The Central Bank of the Republic of Turkey (CBRT) on Monday launched an informational website regarding the recently unveiled scheme to encourage expats to repatriate their savings to Turkey.
The scheme, "Deposit and Participation Scheme for Nonresident Turkish Citizens" and known as YUVAM in short, was announced earlier in February and came amid efforts to safeguard Turkish lira savings against exchange rate volatility.
On "yuvam.tcmb.gov.tr," visitors can access informational videos, booklets and legislation about the application.
In addition to the yield calculator, the site also provides answers to frequently asked questions from users.
The YUVAM account enables nonresidents and their companies abroad to invest their savings in Turkish liras at banks in Turkey. The central bank provides YUVAM accounts with an additional return guarantee in addition to the exchange rate protection guarantee.
Flexibility comes to the fore in the account application. Accordingly, there is no upper or lower limit on the amount when opening a YUVAM account, and people can open a YUVAM account whenever they want.
It is part of a scheme unveiled by President Recep Tayyip Erdoğan to encourage foreign currency holders to convert their funds to lira and keep their savings in the national currency.
The initiative was unveiled after the lira fell to a record low of 18.40 to the U.S. dollar on Dec. 20 last year before rallying sharply to just over 10 and then settling at current levels of just under 14 to the U.S. currency.
