The Turkish government has officially concluded its exit from the foreign exchange-protected deposit scheme, known as KKM, as banking data reveals that the volume of accounts has dwindled to zero. This financial program, initiated in late 2021, was designed to shield Turkish lira deposit holders from the adverse effects of currency depreciation. However, a strategic pivot in 2023 towards more traditional economic policies led to the gradual phasing out of this scheme.
In 2025, the authorities halted the renewals of KKM accounts, prompting a steady decline in account volumes. Recent figures from the Banking Regulation and Supervision Agency confirmed that balances had reached minimal levels before ultimately hitting zero. This development marks a significant milestone in Türkiye’s ongoing economic program, as emphasized by Treasury and Finance Minister Mehmet Şimşek.
Minister Şimşek highlighted that this achievement aligns with the government’s broader objectives of fostering macro-financial stability and bolstering confidence in the Turkish lira. The conclusion of the KKM scheme is seen as a crucial step in fortifying the country’s economic framework and ensuring a stable financial environment.
As Türkiye continues to navigate its economic challenges, the government remains committed to implementing policies that enhance financial security and promote the resilience of the national currency. By focusing on strengthening the Turkish lira, officials aim to provide a more stable foundation for both individuals and businesses operating within the country’s financial system.