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First statement from Mehmet Şimşek on the end of KKM: A message of 'three positive developments'

Treasury and Finance Minister Mehmet Şimşek listed three positive developments: Fitch upgrading the country's credit rating outlook to positive, the repeal of regulations regarding the FX-Protected Deposit (KKM) scheme as all maturities have concluded, and the increase in reserve requirement ratios to limit short-term foreign capital inflows.

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The FX-Protected Deposit (KKM) era, which began during the Nureddin Nebati administration, has officially come to an end.

Treasury and Finance Minister Mehmet Şimşek made an assessment regarding economic developments and KKM in a statement on his X account.

Under the heading "Three positive developments," Şimşek stated the following:

"Credit rating agency Fitch has upgraded our country's credit rating outlook to positive. This development signals that a rating upgrade may occur in the coming period.

With the conclusion of all maturities for foreign currency and gold-indexed FX-Protected Deposits, which were a significant contingent liability, the regulations concerning this practice have been repealed.

Additionally, reserve requirement ratios have been increased to limit short-term foreign capital inflows.

Through our program, we continue to reduce our economy's vulnerabilities and strengthen macro-financial stability."