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Turkey Ends Foreign Exchange-Protected Deposit Scheme​

(Source: Anadolu Agency)​

The Foreign Exchange-Protected Deposit (KKM) scheme for individual depositors has been terminated.​

According to reports from Anadolu Agency, the Central Bank of the Republic of Turkey (CBRT) announced that, starting today, it will no longer allow real individuals to renew or open new Foreign Exchange-Protected Deposit (KKM) accounts.​

In a statement released by the CBRT, it was stated that as of August 23, transactions related to the renewal and opening of KKM accounts (excluding YUVAM accounts) will be ceased for real individuals. For legal entities, this measure was already implemented in early February.​

The total balance of KKM accounts reached a peak of over 140 billion in August 2023. While the totalsize of  KK  Maccounts stood at 32.5 billion at the beginning of this year, it has dropped to $11 billion as of today.​

The Central Bank announced that the relevant communiqué will be repealed once all existing accounts mature. In its 2025 Monetary Policy Text, the Central Bank declared its withdrawal from using the Current Account Balance (CCC) as an official target, and at its recent meetings, it emphasized that the CCC framework will be terminated soon. This measure also signifies a significant simplification of the macroprudential framework and a transition of monetary policy toward a more predictable framework.​