The Turkish government has officially concluded its withdrawal from the FX-protected deposit scheme, known locally as KKM, as the number of accounts under this initiative has dwindled to zero. This development was confirmed by the latest data from banking authorities. The deposit scheme was initially launched in late 2021 as a strategic move to safeguard individuals and businesses with Turkish lira deposits from the adverse effects of currency depreciation.
In 2023, Türkiye began transitioning away from the KKM scheme as part of a broader shift towards more conventional economic policies. This marked the start of a gradual phase-out process for the program. By 2025, authorities had ceased renewals under the scheme, leading to a steady decline in account volumes. Eventually, figures released by the Banking Regulation and Supervision Agency indicated that the balance had diminished to negligible levels before ultimately reaching zero.
Treasury and Finance Minister Mehmet Şimşek highlighted that the completion of Türkiye’s exit from the scheme represents a significant milestone in the nation’s economic strategy. He emphasized the government’s ongoing commitment to policies that aim to bolster macro-financial stability and enhance public confidence in the Turkish lira.
As Türkiye moves forward, the government remains focused on reinforcing economic stability and fostering a more resilient financial environment. The conclusion of the KKM scheme is seen as a pivotal step towards these objectives, reflecting the administration’s dedicated efforts to adapt and evolve its economic policies in response to changing conditions.