The new economic policy of the government also took water in a few months! The government, which encourages citizens to invest their savings in Turkish Liras (TL) in Currency Protected Deposits in order to rein in foreign currency, is ruminating because the cost of Currency Protected Deposits to the treasury has reached 12 billion TL in the first three months. Knowing that the exit from the system will be written as minus, the Government is turning to new formulas. This time, the government took action over the housing sector in order to bring gold and foreign currency under the pillow to the economy.
IT COSTS 12 BILLION TL IN 3 MONTHS TO THE TREASURE
In order to keep the exchange rate under control, the government introduced the "Turkish Lira Deposit and Participation Account (KKM) with Exchange Rate Protection" application at the end of 2021. At that time, the opposition, who argued that the KKM would bring a great burden to the Treasury, was harsh with the government. However, at this point, the cost of KKM to the Treasury in the first 3 months of 2022 was 11,7 billion TL. Seeing the gravity of the situation, the government started to think about different formulas. The government, unable to reach the aim with KKM, this time it started a new search through the housing sector as an alternative.
HOUSING SECTOR ALTERNATIVE TO KKM
It was noteworthy that Erdogan, who announced packages to revive the housing sector after the Cabinet Meeting, promised low-interest loans especially to those who have foreign currency and gold savings. Erdogan announced that for those who will own a house for the first time, they can own a house with a maturity of 10 years and an interest rate of 0,99 percent, on the other hand, for those who exchange foreign currency accounts and gold, they can get a home loan with an interest of 0,89. It is estimated that the government prefers the housing sector as an alternative to KKM, while loans are given with an interest rate of 0,99 to those who will own a house for the first time, and 0,89 to those who exchange their foreign currency and gold.