Decline in KKM accounts continues: It has fallen below that figure for the first time

The downward trend continues in Currency-Protected Deposits, which the AKP government introduced to keep the dollar under control.

According to data from the Banking Regulation and Supervision Agency (BDDK), as of the week of November 3, the total of currency-protected deposits fell to 2.92 trillion TL. In the week of November 3, the decline in KKM reached 86.2 billion TL. A decrease of 447 billion TL has been recorded in KKM accounts over the last 10 weeks.

While the downward momentum in KKM continues, the economic administration's regulations suppressing KKM also persist.

According to the regulation announced on November 2, the reserve requirement ratio for Currency-Protected Deposits (KKM) was increased, and an additional reserve requirement ratio for the TL type was introduced for foreign currency deposits.

According to the regulation, the reserve requirement ratio for maturities up to 6 months, where KKM is concentrated, was increased by 5 points to 30 percent. The reserve requirement ratio for maturities up to 1 year and for those with a maturity of 1 year or longer was increased from 5 percent to 10 percent.

In September, the CBRT had increased the mandatory reserve ratio for maturities up to 6 months, where KKM is concentrated, from 15 percent to 25 percent, and stated that the reserve ratios for maturities up to 1 year and for those with a maturity of 1 year or longer were 5 percent.

ŞİMŞEK HAD SAID 'WE WANT TO EXIT KKM'

Minister of Treasury and Finance Mehmet Şimşek had stated in a recent announcement that they want to exit Currency-Protected Deposits.

News Source: 12punto