In late March, the Turkish Central Bank launched a new account in Turkish lira, to encourage people outside the country to transfer their savings to Turkey.
According to a document issued by the Central Bank, YUVAM is a Turkish lira account that encourages non-residents of Turkey and their companies abroad to transfer their savings to Turkey, by offering a central bank guarantee to protect against exchange rate fluctuations as well as an additional return guarantee.
Who can open a Yufam account?
Non-residents and their companies abroad can open Yufam accounts
If you are a citizen of Turkey
If you are not a Turkish citizen, but reside abroad and hold a Blue Card
If you have the right or permission to reside or work as a foreigner
If your residence is registered as a foreign residence in the address registration system in Turkey
If you are not a Turkish citizen, but you are eligible to open an account in Turkish banks
If you, as the owner of the capital, own a company abroad that is incorporated in accordance with the laws of that country and has its legal domicile outside Turkey
You can open a Yufam account by applying to banks in Turkey or through online banking without going to a bank branch.
Foreign exchange deposit or sharing accounts opened for foreign exchange transferred from abroad or deposited in Turkish banks can be transferred in cash or foreign currency deposit or sharing accounts currently in banks in Turkey to Yufam accounts.
Yufam accounts can be opened in all depository and participating banks in Turkey that have joined the system.
Yofam account benefits
Protects the value of your savings from exchange rate risk.
It provides you with a basic foreign exchange guarantee as well as an additional return on maturity.
You do not have to pay any transfer fees in Turkey for transferring your foreign currencies from abroad.
Attracts your savings to the state's economy.
Your exchange rate difference and additional yield are subject to a bank guarantee
The Yufam system was announced earlier in February, and comes amid efforts to protect the savings of the Turkish lira from exchange rate fluctuations, according to the Turkish newspaper, Dailysabah.
And on the "yuvam.tcmb.gov.tr" website, visitors can access informational videos, brochures and legislation about the application.
In addition to the payout calculator, the site also provides answers to frequently asked questions from users.
Yufam account enables non-residents and their companies abroad to invest their savings in Turkish Lira in banks in Turkey.
The Central Bank provides Yufam accounts with an additional return guarantee, in addition to a guarantee of exchange rate protection.
Flexibility comes to the fore in the application of the account.
Accordingly, there is no upper or lower limit on the amount when opening a Yufam account, and people can open a Yufam account whenever they want.
This comes as part of a plan unveiled by Turkish President Recep Tayyip Erdogan to encourage foreign currency holders to convert their money into the Turkish lira and keep their savings in the national currency.