Türkiye has concluded its exit from the FX-protected deposit scheme, known as KKM, as the account volume has reached zero, according to the latest figures from the banking sector. This scheme, originally launched in late 2021, aimed to safeguard individuals and businesses with Turkish lira deposits from currency devaluation. However, a policy shift in 2023 towards more traditional economic measures prompted the gradual phasing out of the program.
By 2025, the government had stopped renewals under the KKM scheme, leading to a consistent decrease in the remaining account volume. Data from the Banking Regulation and Supervision Agency indicated that the balance had diminished to minimal levels before finally hitting zero.
Mehmet Şimşek, Türkiye’s Treasury and Finance Minister, stated that the conclusion of the exit process represents a significant milestone in the country’s economic strategy. He emphasized that this marks the achievement of a key goal within Türkiye’s broader economic program.
The Turkish government remains committed to implementing policies that bolster macro-financial stability and enhance confidence in the national currency, the Turkish lira, according to the minister. These efforts are expected to continue as part of the ongoing strategy to strengthen the country’s economic footing.