The Central Bank of the Republic of Türkiye (TCMB) has taken an important step regarding FX-protected deposit (KKM) accounts. With the new regulation, restrictions have been imposed on the maturity periods for the opening and renewal of KKM accounts.
The following statements were included in the official announcement from the Central Bank:
"As part of the exit strategy from FX-protected deposit (KKM) accounts, maturity periods for opening and renewal transactions have been restricted.
The Central Bank of the Republic of Türkiye has decided to terminate the opening and renewal of 6-month and 12-month maturity accounts for foreign currency and gold-converted FX-protected deposit and participation accounts as of January 20, 2025."
WHAT DOES THE DECISION MEAN?
This decision is considered a strategic step aimed at narrowing down KKM accounts and gradually phasing them out of the market.
News Source: 12punto
