Currency-Protected Deposit system brought to an end

The era of the Currency-Protected Deposit (KKM) program, which stood out as one of the key topics of the Turkish financial system, has officially come to an end. With a decision taken by the Central Bank of the Republic of Turkey (TCMB), the regulations dated December 21, 2021, which supported the conversion to Turkish Lira deposit and participation accounts, have been repealed. The decisions in question were published in the Official Gazette.

With the new communiqué published by the TCMB, both the "Communiqué on Supporting the Conversion of Turkish Lira Deposit and Participation Accounts (No: 2021/14)" and the "Communiqué on Supporting the Conversion of Gold Accounts to Turkish Lira Deposit and Participation Accounts (No: 2021/16)" have been removed from practice. Thus, the regulation introduced in 2021 has been officially canceled.

In an announcement made last year, it was reported that opening and renewal transactions for KKM accounts (excluding YUVAM accounts) would be halted as of August 23, 2025. It was announced to the public that the relevant legislation would be repealed once the maturities of accounts created before this date expired.

However, it was reported that the FATSİ practice, which aims to include physical gold assets into the financial system through the conversion of gold accounts to TL deposit and participation accounts, will continue for the time being as their maturity periods are still ongoing.