Türkiye has officially phased out its foreign exchange (FX)-protected deposit scheme, known as KKM, with the account volumes now reduced to zero, as confirmed by recent banking data. The KKM initiative was launched towards the end of 2021, aiming to shield Turkish lira deposit holders—both individuals and businesses—from the adverse effects of currency depreciation. However, as the country shifted towards more traditional economic strategies in 2023, the program was gradually dismantled.
By 2025, the government had ceased renewals under the KKM scheme, leading to a continuous decline in the account volumes. The Banking Regulation and Supervision Agency’s data illustrated that balances had significantly decreased before eventually reaching a null point. This careful unwinding of the program was part of a broader economic adjustment plan implemented by the authorities.
Treasury and Finance Minister Mehmet Şimşek emphasized that the completion of this exit signifies an important milestone in Türkiye’s economic agenda. The cessation of the scheme aligns with the nation’s broader strategy to instill more stability within its financial framework and bolster the credibility of the Turkish lira.
As part of this ongoing economic strategy, the government is committed to pursuing policies that enhance macro-financial stability, ensuring that confidence in the national currency is restored and maintained. These efforts are central to Türkiye’s ambition to stabilize its economy and ensure long-term financial health.