Currency-Protected Deposit scheme terminated

According to the Central Bank's decision published in the Official Gazette, the Currency-Protected Deposit (KKM) scheme has been terminated.

Under the decision, as of August 23, new currency-protected deposit accounts cannot be opened, and existing accounts cannot be renewed.

STATEMENT FROM THE CENTRAL BANK

The Central Bank's statement said, "The opening and renewal of Currency-Protected Deposit (KKM) accounts have been terminated. The Central Bank of the Republic of Turkey has decided to end the opening and renewal of KKM accounts (excluding YUVAM accounts) as of August 23, 2025. Once the maturities of accounts opened before this date expire, the relevant communiqués will be repealed."

The statement further noted, "With this decision, the total target regarding the transition of KKM to TL and its renewal has been removed. In this context, regulations concerning reserve requirement interest and commissions have been reviewed."

News Source: 12punto