Deadline extended for KKM!
The deadline for foreign currency-converted Protected Time Deposit (KKM) accounts has been extended.
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The Central Bank of the Republic of Turkey (TCMB) has published its Communiqué on Amending the Communiqué on Supporting the Conversion of Turkish Lira Deposit and Participation Accounts and its Communiqué on Amending the Communiqué on Supporting the Conversion of Gold Accounts to Turkish Lira Deposit and Participation Accounts in the Official Gazette.
Accordingly, within the scope of the Protected Time Deposit (KKM) accounts, domestic resident individuals will be able to convert their gold, dollar, euro, and British pound-denominated foreign currency deposit accounts and foreign currency-denominated participation funds existing in banks as of January 31, 2024, into Turkish Lira.
No updates were made to the previously determined dates regarding the balances to be taken as a basis for the conversion of gold, foreign currency deposit accounts, and participation funds of domestic resident legal entities into time-deposit TL accounts or participation accounts.
TL conversion transactions will be carried out upon the request of the account holders and at the conversion rate.