The Turkish government has officially concluded its withdrawal from the FX-protected deposit scheme, known as KKM, as the account volumes have dwindled to zero, according to banking data. This scheme, initially launched in late 2021, was designed to shield Turkish lira deposit holders from the adverse effects of currency depreciation. However, in 2023, a strategic shift towards more conventional economic policies led to the gradual cessation of the program.
In 2025, authorities stopped renewals under the KKM scheme, leading to a steady decline in the remaining account volume. Data from the Banking Regulation and Supervision Agency indicated that the balances had become negligible before finally reaching zero. This marks a significant milestone in Türkiye’s economic strategy, aligning with the government’s objectives to stabilize the nation’s financial environment.
Treasury and Finance Minister Mehmet Şimşek highlighted the successful completion of the exit from the KKM scheme as a key achievement within Türkiye’s broader economic agenda. The move is part of the government’s ongoing efforts to reinforce macro-financial stability and bolster confidence in the Turkish lira.
As Türkiye continues to navigate its economic transformation, the government remains committed to implementing policies that support financial stability. The end of the KKM scheme represents a pivotal step in strengthening the nation’s economic framework and enhancing the resilience of its currency.