Account Balance Zeroed Out and Process Completed in FX-Protected Deposit System
In the FX-Protected Deposit system, introduced in 2021 to halt foreign exchange increases, all accounts were closed as of the week of August 21.
According to data from the Banking Regulation and Supervision Agency, the account balance in the FX-Protected Deposit system reached zero as of the week of August 21, and all accounts in the system were completely closed.
BRSA Weekly Bulletin Published
The weekly bulletin was shared with the public by the Banking Regulation and Supervision Agency.
In line with the published data, the FX-Protected Deposit item, which had been on the agenda for a long time, drew attention.
Balances Zeroed Out
As of the week of August 21, the balance in FX-Protected Deposit accounts was completely zeroed out.
Thus, no funds remained in the system launched in 2021, and all accounts were closed.
Implementation Purpose of the System
The FX-protected deposit system was implemented in Turkey for forty-four months between 2021 and 2025.
The system had been implemented to stop the increase in foreign exchange rates.
Opportunities Provided to Depositors
Within the scope of the application, depositors gained the opportunity to deposit their assets into term KKM accounts.
Turkish lira deposits were pegged based on the foreign exchange buying rate, protecting against potential losses arising from exchange rate increases.
Statement from Minister Şimşek
Treasury and Finance Minister Mehmet Şimşek evaluated the closure process of KKM accounts.
Şimşek stated that another important goal of the program had been successfully achieved.
Emphasis on Macro-Financial Stability
Minister Mehmet Şimşek made evaluations on the subject via his social media account.
Şimşek stated that policies strengthening macro-financial stability and boosting confidence in the Turkish lira would continue.