ISTANBUL, Aug 23 (KUNA) -- The Central Bank of the Republic of Turkiye (CBRT) decided to terminate the opening and renewal of FX-protected deposit (KKM) accounts (excluding YUVAM accounts), effective August 23, 2025. Accounts opened prior to this date will remain valid until their maturity, following which the relevant Communiques will be repealed, the Bank said in a press release on Saturday.
With the termination of KKM accounts, the total target for KKM accounts' transition to New Turkish Lira (TRY) and renewals has been abolished. Accordingly, the CBRT has revised its regulations on reserve requirement remuneration and commission practices, the statement added.
Commenting on the decision, Minister of Treasury and Finance Mehmet Simsek said the termination of deposits protected against fluctuation of foreign exchange rates would strengthen the country's financial stability.
The total value of KKM accounts, which hit TRY 3.4 trillion (USD 140 billion) in August 2023, slid dramatically to USD 32.5 billion in early 2025 and then to TRY 441 billion (USD 11 billion) at present, the minister added. (end) ta.gb