Türkiye has successfully concluded its withdrawal from the foreign-exchange protected deposit scheme, known as KKM, as the volume of such accounts has reached zero. This development is confirmed by official banking data. The KKM scheme was initially launched in late 2021 to safeguard individuals and businesses holding Turkish lira deposits against losses from currency depreciation. However, a shift towards more conventional economic policies in 2023 prompted authorities to start phasing out the scheme gradually.
By 2025, renewals under the KKM scheme had been halted, leading to a steady decline in account volumes. According to the Banking Regulation and Supervision Agency, the balance had dwindled to negligible levels before it ultimately hit zero. This marked the completion of Türkiye’s exit from the scheme, fulfilling a significant objective of the country’s economic program.
Treasury and Finance Minister Mehmet Şimşek emphasized that the conclusion of the KKM exit process is a milestone in Türkiye’s economic policy goals. He noted that the government intends to continue implementing policies that bolster macro-financial stability and enhance confidence in the Turkish lira.
The end of the KKM scheme is seen as a pivotal step in Türkiye’s broader economic strategy, which aims to stabilize the national currency and create a more predictable financial environment. As the country moves forward, the focus will remain on strengthening economic fundamentals and ensuring long-term monetary stability.