Türkiye has concluded its withdrawal from the foreign exchange-protected deposit scheme, known as KKM, as the volume of these accounts has officially dropped to zero. This data comes from the latest figures released by the nation’s banking authorities. The KKM scheme was initially introduced in late 2021 to safeguard Turkish lira deposit holders from potential losses due to currency depreciation. However, a shift toward more traditional economic strategies in 2023 led to the gradual phase-out of this program.
By 2025, the authorities halted renewals under the KKM scheme, resulting in a steady decline in account volumes. Information from the Banking Regulation and Supervision Agency indicated that the balances in these accounts had dwindled to insignificant levels before ultimately reaching zero. This development signifies the end of the scheme that had been a significant part of Türkiye’s economic measures aimed at currency stabilization.
Mehmet Şimşek, Türkiye’s Treasury and Finance Minister, highlighted the completion of the exit process as a pivotal achievement in the country’s broader economic strategy. The termination of the KKM scheme aligns with the government’s objective to embrace more conventional policies and improve the economic landscape of Türkiye.
As Türkiye moves forward, the government remains committed to policies that bolster macro-financial stability and enhance confidence in the Turkish lira. The focus will be on continuing reforms and initiatives that ensure a stable and resilient economic environment. These efforts are intended to strengthen the nation’s financial system and build trust among investors and the public in the Turkish currency.