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Lorbek

GBP and USD Interest Rates in Turkey

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GBP or USD saving account interest rate would be around 1-2% per year,  to the contrary of TRY's interest rate around 10%. Idea lying behind to keep it low is, they think foreign currency would rise its value anyway (against TRY) therefore no need to serve an interest rate as high as TRY. Similar with all other countries which give certain advantageous to the owners of its local currency. 

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If you change a large amount of money into TL it will eventually lose you money if you ever wish to convert it back into your own hard currency (even if you save all of the interest). This is due to the TL loosing more value than the interest paid by the banks (and the taxes taken by the government at source).

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