Türkiye has successfully concluded its withdrawal from the foreign exchange-protected deposit scheme, known as KKM, after banking data reported that the account volume had dropped to zero. This scheme was initially launched in late 2021 to shield Turkish lira deposits from potential losses due to currency depreciation. However, with a strategic shift towards more traditional economic policies in 2023, the authorities began to phase out the program.
The process of winding down the KKM scheme was gradual, with renewals being stopped in 2025. As a result, the volume of accounts under this scheme steadily decreased over time. Recent data from the Banking Regulation and Supervision Agency revealed that the balance had diminished to negligible levels before finally reaching zero.
Treasury and Finance Minister Mehmet Şimşek highlighted that completing the exit from the KKM scheme was a significant milestone in Türkiye’s economic agenda. He emphasized that this move aligns with the government’s broader efforts to implement policies that strengthen macro-financial stability.
Minister Şimşek also noted that the focus would remain on bolstering confidence in the Turkish lira. This effort is part of a broader strategy to enhance economic stability and foster a more resilient financial environment in Türkiye.