The Turkish government has officially concluded its Foreign Exchange (FX)-protected deposit scheme, known as KKM, with the balance of these accounts now reaching zero, as indicated by the latest banking data. This scheme was initially implemented toward the end of 2021 to safeguard individuals and businesses with deposits in Turkish lira against losses from currency depreciation. However, in 2023, a strategic shift toward more traditional economic policies led to the gradual phasing out of this program.
By 2025, renewals under the KKM scheme were discontinued, and the volume of accounts started to diminish steadily. Recent figures from the Banking Regulation and Supervision Agency revealed that the balance of these accounts had dwindled to negligible amounts before ultimately dropping to zero. This development marks a significant milestone in Türkiye’s ongoing efforts to transition its economic strategies.
Mehmet Şimşek, Türkiye’s Treasury and Finance Minister, emphasized that the completion of the KKM exit process represents a crucial achievement in the nation’s economic agenda. He highlighted the government’s commitment to bolstering macro-financial stability, which plays a vital role in fostering confidence in the Turkish lira.
As Türkiye continues to refine its economic policies, the government remains focused on reinforcing financial stability and restoring confidence in its national currency. This strategic direction aims to support a more stable economic environment, aligning with Türkiye’s broader economic objectives.