Changes were made to the Currency Protected Deposit system, the deadline was extended By

© Reuters. – Changes were made in the Currency Protected Deposit (KKM) system, which was implemented to increase incentives for the Turkish lira.

Some changes were made in history and practice in the Currency Protected Deposit system, which aims to protect denominated savings against exchange rate volatility. According to the amendment, the date limit for the existing accounts of domestic legal entities within the scope of KKM was taken to the end of September.

After this change in KKM, legal entities will be able to convert their foreign currency account into Turkish lira on any date between 31 December 2021 and 30 September 2022.

The following statements were included in the communiqué published in the Official Gazette:

Balances of foreign currency deposit accounts in US dollars, Euros and British pounds, and participation fund accounts in foreign currency of resident legal persons in banks on any date between 31/12/2021 and 30/9/2022 If requested by the account holder, it is converted into Turkish lira at the conversion rate.

KKM period is extended

AK Party Group Deputy Chairman Mustafa Elitaş shared important information about the bag of laws that will be presented to the Speaker of the Assembly in the new legislative year.

According to Elitaş’s statement, the Currency Protected Deposit application will continue until the end of 2023.

Increasing interest in Currency Protected Deposits

The intense interest in currency protected TL deposit accounts continues. The amount accumulated in KKM accounts is increasing.

According to the information in the weekly bulletin of the Banking Regulation and Supervision Agency (BDDK), the amount accumulated in foreign exchange-protected TL deposit and participation accounts increased from 1,348 trillion TL to 1,370 trillion TL in the week ending September 23.

In the same period, loans rose to TL 6,744 trillion and deposits rose to TL 7,987 trillion.

Author: Ozgun Caglar Deniz

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