In a statement published on Tuesday,  the Ministry of Treasury and Finance of Turkey explained the details of the new lira deposit tool. Below are key takeaways, as reported by Reuters.

"Any bank can join new economic measures."

"New deposit instrument to be used by individual investors."

"Minimum interest rate will be policy rate of the central bank."

"Maturity can be 3, 6 , 9  and 12 months."

"Work is being done to implement new instruments to Participation Banking."

"If forex change is above interest rate, the difference will be paid in lira to accounts."

"FX rate difference to be calculated between the lira deposit account open-close dates."

"FX rate will be announced every day at 0800 GMT by the central bank."