Foreign Exchange Protected Deposit Scheme Completely Ended in Turkey

The foreign exchange protected deposit system, announced on December 20, 2021 to prevent rapid increases in exchange rates, has been completely reduced to zero and removed from practice.

The Beginning of the Scheme and its Record Level

Announced on the night of December 20, 2021 to halt rapid increases in exchange rates, foreign exchange protected deposits reached an all-time record level in August 2023.

During that period, the size of foreign exchange protected deposits peaked, exceeding 3.4 trillion liras in Turkish lira terms and 143.1 billion dollars in US dollar terms.

Gradual Restriction and Liquidation Process

In line with the new economic management's goal of reducing the scheme to zero, new account openings and renewal transactions began to be gradually restricted in January 2024.

In January 2025, the currency support provided to legal entities was completely eliminated, marking a significant step in the liquidation process.

Complete Termination of the Scheme

On August 23, 2025, all foreign exchange protected deposit account opening and renewal transactions, except for YUVAM accounts, were completely halted.

As a result of these final decisions and steps taken, the size of foreign exchange protected deposits in Turkey was completely reduced to zero, and the scheme was definitively terminated.