Türkiye has successfully concluded its withdrawal from the FX-protected deposit scheme, known as KKM, as the balance of these accounts has dwindled to zero, according to the latest banking data. Originally implemented in late 2021, the scheme was designed to shield holders of Turkish lira deposits from the impacts of currency depreciation. However, a strategic shift towards more traditional economic policies in 2023 led to the gradual discontinuation of this program.
By 2025, the government had ceased renewals for the KKM scheme, leading to a steady decrease in the volume of accounts. The Banking Regulation and Supervision Agency’s figures indicated that the remaining balance had become negligible before finally reaching zero. This development signifies a key milestone in Türkiye’s broader economic strategy.
Treasury and Finance Minister Mehmet Şimşek highlighted that the completion of the exit from the KKM scheme represents an important achievement for the nation’s economic agenda. He emphasized that the government remains committed to implementing policies that bolster macro-financial stability and foster increased confidence in the Turkish lira.
The KKM scheme’s phase-out reflects a broader policy shift aimed at reinforcing the nation’s economic foundation. As part of this transition, Turkish authorities have been focusing on measures that ensure a more stable financial environment, thus enhancing the resilience of the national currency.