Türkiye has successfully concluded its withdrawal from the FX-protected deposit scheme, known as KKM, as the volume of accounts has now dropped to zero, according to the latest official banking data. This scheme was initially launched in late 2021 to shield Turkish lira deposit holders—both individuals and businesses—from potential losses due to currency depreciation. However, in 2023, the authorities began winding down the program in favor of adopting more traditional economic policies.
By 2025, renewals under the KKM scheme had ceased, and the balances in these accounts gradually diminished. The Banking Regulation and Supervision Agency reported that the remaining account volumes had dwindled to negligible levels before ultimately hitting zero. This marks a significant milestone in Türkiye’s broader economic strategy.
Treasury and Finance Minister Mehmet Şimşek noted that the conclusion of this exit process represents a key target within the country’s economic agenda. The minister emphasized that the government remains committed to policies that will bolster macro-financial stability and enhance confidence in the Turkish lira.
The successful phase-out of the KKM scheme is part of Türkiye’s ongoing efforts to stabilize its economy and currency. The government’s strategic shift towards more conventional economic measures aims to foster a more sustainable financial environment and restore investor confidence.