Türkiye has successfully concluded its withdrawal from the FX-protected deposit scheme, known as KKM, as the account volumes have now reached zero, based on the latest official banking reports. The KKM initiative was originally launched in late 2021 to shield Turkish lira depositors from currency depreciation. However, in 2023, the government began moving away from this scheme as part of a broader transition to more traditional economic strategies.
By 2025, the renewal of accounts under the KKM program was discontinued, leading to a gradual decrease in the volume of these deposits. Recent data from the Banking Regulation and Supervision Agency demonstrated a steady decline until the balance became negligible and ultimately hit zero.
Türkiye’s Treasury and Finance Minister, Mehmet Şimşek, described the completion of this exit process as a significant milestone in the country’s economic agenda. He emphasized that this development aligns with the government’s objectives to reinforce macro-financial stability and boost confidence in the Turkish lira.
The termination of the KKM scheme marks a notable shift in Türkiye’s economic policy landscape, reflecting a commitment to implementing measures that strengthen the nation’s financial systems. Authorities are poised to continue pursuing strategies that foster economic stability and bolster the credibility of the local currency.