23.08.2025 15:19
The Minister of Treasury and Finance, Şimşek, who evaluated the end of the Currency Protected Deposit (KKM) application, stated, "We have achieved another important goal of our program. With the conclusion of the KKM, which is a significant conditional obligation, financial stability will be further strengthened."
The Central Bank of the Republic of Turkey announced that the Currency Protected Deposit (KKM) application has ended. In the statement, it was noted that as of August 23, renewal and opening transactions for KKM accounts for real persons (excluding YUVAM accounts) will not be carried out.
In a statement regarding the issue, Minister of Treasury and Finance Mehmet Şimşek said: "We have achieved another important goal of our program. The Currency Protected Deposit (KKM) application has ended. No new accounts will be opened, and existing accounts will not be renewed."
"DUE TO THE PROGRAM WE IMPLEMENTED, IT HAS CONTINUOUSLY DECREASED FOR 2 YEARS"
The peak level of the KKM balance, which was 3.4 trillion TL (143 billion dollars), has decreased continuously to 441 billion TL (11 billion dollars) as of August 15, thanks to the program we implemented. With the end of the important conditional liability of KKM, financial stability will be further strengthened."
THE CENTRAL BANK HAD ANNOUNCED EXITING KKM AS A TARGET
On the other hand, the Central Bank had announced the exit from KKM as an official target in the 2025 Monetary Policy Document and emphasized in recent meetings that KKM would be terminated soon. This step also means a significant simplification within the macroprudential framework and a transition to a more predictable framework in monetary policy.