Ankara: The Central Bank of the Republic of Turkiye (CBRT) has announced the termination of the opening and renewal of FX-protected deposit (KKM) accounts, with the exception of YUVAM accounts, set to take effect on August 23, 2025. Accounts that were opened before this date will remain valid until they reach maturity, after which the relevant Communiques will be repealed, as stated by the Bank in a press release on Saturday. According to Kuwait News Agency, the CBRT's decision to terminate KKM accounts also involves abolishing the total target for the transition of these accounts to New Turkish Lira (TRY) and their renewals. As a result, the CBRT has made adjustments to its regulations concerning reserve requirement remuneration and commission practices. Minister of Treasury and Finance Mehmet Simsek commented on the decision, noting that ending the deposits protected against foreign exchange rate fluctuations would bolster the financial stability of the country. He highlighted that the total value of KKM accounts, which stood at TRY 3.4 trillion (USD 140 billion) in August 2023, has significantly decreased to USD 32.5 billion in early 2025 and further to TRY 441 billion (USD 11 billion) at present.
