Türkiye has successfully concluded its withdrawal from the FX-protected deposit scheme, known as KKM, as the volume of accounts dwindled to zero, according to recent banking data. This scheme was initially launched in late 2021 to safeguard Turkish lira depositors from losses due to currency depreciation. However, in 2023, the government began transitioning to more traditional economic strategies, prompting a gradual phase-out of the program.
By 2025, the renewal of KKM accounts had ceased, and the balance of these accounts consistently decreased over time. Data released by the Banking Regulation and Supervision Agency confirmed that the account balances had been reduced to negligible amounts before ultimately reaching zero. This development marks a significant step in Türkiye’s shift toward conventional economic policies.
Treasury and Finance Minister Mehmet Şimşek emphasized that the completion of the exit from the KKM scheme represents a major milestone in the country’s economic agenda. This move aligns with the government’s broader strategy to reinforce macro-financial stability and bolster confidence in the Turkish lira.
As Türkiye moves beyond the KKM program, the government remains committed to implementing policies that enhance economic resilience. The focus is on promoting stability and encouraging trust in the national currency, which is seen as vital for sustaining economic growth and ensuring financial security.