As a result of the global economic situation, the Turkish lira is suffering today from a decline against foreign currencies, which prompted citizens who have savings to exchange them for equivalent foreign currencies. On the other hand, the Turkish government is working to alleviate this phenomenon and restore confidence in the Turkish currency. February 2022, with the introduction of the YUVAM local deposit system, which Turkish citizens and others welcomed.
What is a YUVAM account?
The Central Bank of Turkey introduced this system to preserve the capital deposited in the Turkish lira and protect it from fluctuations in front of the foreign exchange rate, thus encouraging depositors to save in lira in Turkish banks. This financial system is based on the principle of protection against the exchange rate difference for the money saved, as It preserves for them the profits income due at the end of the maturity period at a minimum rate of 3% of the amount annually while maintaining the difference with the exchange rate between the time of deposit and withdrawal. This program is intended for foreigners, expatriate Turks, companies, and individuals.
How does a YUVAM account guarantee deposits in Turkey?
Anyone can enter the YUVAM website, which includes a set of videos and brochures to explain in addition to all the details and legal information with the method of calculating the return and general answers to the most important questions and inquiries.
The YUVAM system service is provided to Turks not residing in Turkey and their companies abroad and foreigners living in Turkey. In addition, the Central Bank guarantees an additional return to the subscribers of the YUVAM program, and finally, exchange rate protection is guaranteed between the time of deposit and withdrawal.
YUVAM account features
YUVAM system is characterized by flexibility in addition to a set of other features, namely:
- Any amount a person desires can be deposited into the YUVAM account, with the possibility of opening several accounts at any time.
- There is a clear mechanism that controls the exchange rate and works to protect depositors’ savings with the additional return from exchange rate fluctuations.
- Support the Turkish economy thanks to savings in the YUVAM account.
- YUVAM provides an additional return when the deposited amounts are due.
- There are no fees for transferring amounts in Turkey for transferring foreign currencies from abroad.
- You can convert your accounts into foreign currency such as US Dollars, Euros, or Pounds Sterling and Swiss Francs to a YUVAM account.
Who is eligible to open a bank account within the YUVAM system?
- Turkish citizens with a residence or work permit abroad or whose residence has been registered as a foreign address in Turkey.
- Foreigners residing abroad who hold the Blue Card, which is granted to investors
- Foreign persons can open an account in a Turkish bank, whether natural or legal.
- Finally, companies whose owners are non-residents, which were established in a foreign country by the laws of that country, and whose legal residence is outside Turkey.
