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Foreign Currency Accounts


The foreign currency accounts opened with our corporation are maintained in the same currency they were opened, and the Turkish Lira Accounts  have been converted into American Dollar on the foreign exchange selling rate of 03.08.2001 of the Central Bank of Turkish Republic (1.340.562 TL=1 USD), which was the official starting date of liquidation. Thus, in response to the devaluation probability during the liquidation process and  taking the ongoing increase in foreign exchange rates into consideration, loss of holders of the Turkish Lira accounts has been avoided .


The German Mark (DEM) accounts have been converted into Euro (1000 DEM = 511.29 EUR) on the official parity (1.95583) on 31.12.2001 as required by law.


Due to the obligation to make the interbank money transfers in Turkish Lira, all payments are effected by converting them into Turkish Lira on the foreign exchange buying rate of the Central Bank of Republic of Turkey on the day payment is effected to the intermediary bank.