Türkiye has successfully concluded its withdrawal from the Foreign Exchange (FX)-protected deposit scheme, known as KKM, with official banking data confirming that account volumes have dwindled to zero. This scheme, initially launched in late 2021, was designed to shield individuals and businesses holding Turkish lira deposits from currency depreciation losses. However, a strategic pivot towards more traditional economic policies in 2023 set the stage for its gradual phase-out.
In 2025, authorities ceased the renewal of accounts under the KKM initiative, leading to a consistent decline in account volumes. The Banking Regulation and Supervision Agency’s data revealed that these balances had nearly vanished before finally reaching zero. This development marks a significant milestone in Türkiye’s economic strategy.
Mehmet Şimşek, Türkiye’s Treasury and Finance Minister, highlighted the completion of the KKM exit process as a critical goal within the nation’s broader economic program. According to Şimşek, this achievement aligns with Türkiye’s ongoing efforts to bolster macro-financial stability and restore confidence in the Turkish lira.
The government remains committed to policies that enhance the strength and stability of the Turkish economy. By winding down the KKM scheme, Türkiye aims to solidify its economic framework and ensure a more stable financial future, reflecting a broader commitment to strengthening trust in its national currency.