15.02.2025 00:30
The Central Bank has terminated the account opening and renewal processes for legal entities in Foreign Exchange Protected Deposit (KKM) accounts.
The Central Bank of the Republic of Turkey announced that as of February 15, all account opening and renewal transactions for legal entities in all Currency Protected Deposit (KKM) accounts have been terminated.
A PERIOD HAS ENDED
In a statement made by the Central Bank, it was stated, "The Central Bank of the Republic of Turkey has decided to terminate account opening and renewal transactions for legal entities in all KKM accounts (including YUVAM accounts) as of February 15, 2025. Additionally, legal entity KKM accounts have been removed from the targets related to the transition and renewal of KKM to TL."
DECREASE IN BALANCES
According to the weekly bulletin published by the Banking Regulation and Supervision Agency (BDDK), the KKM balance decreased by 3% last week, falling to 966 billion 22 million lira, with a reduction of 30 billion 168 million lira. Thus, the size of KKM accounted for 5.02% of total deposits.