Currency-Protected Deposit scheme abolished; Mehmet Şimşek says 'we have reached another one of our goals'!

The Central Bank of the Republic of Türkiye (TCMB) has announced that the opening and renewal of accounts under the Currency-Protected Deposit (KKM) scheme, which was introduced on December 21, 2021, to counter extreme volatility in foreign exchange, have been terminated as of today.

The Central Bank reported that KKM account opening and renewal transactions were ended as of August 23, 2025.

Minister of Treasury and Finance Mehmet Şimşek made the following statement regarding the termination of KKM:

"We have reached another one of the important goals of our program.

The Currency-Protected Deposit (KKM) scheme has ended. No new accounts will be opened, and existing accounts will not be renewed.

The KKM balance, which peaked at 3.4 trillion TL (143 billion dollars), has decreased uninterruptedly for two years thanks to the program we implemented, falling to 441 billion TL (11 billion dollars) as of August 15.

With the termination of KKM, which was a significant contingent liability, financial stability will be further strengthened."

The KKM scheme, for which preparations for an exit began upon Şimşek's arrival to the economic administration, was also at the center of much criticism. The exit preparations that had been ongoing for some time have finally resulted in a definitive exit. That KKM created a massive loss was among the criticisms directed at the government.

News Source: 12punto