The Central Bank of the Republic of Türkiye has discontinued longer-term maturities for FX-protected deposit (KKM) accounts by ending the opening and renewal of FX- and gold-converted FX-protected deposit and participation accounts with six-month and 12-month maturities as of January 20, 2025, as part of its strategy to phase out KKM.
Central Bank of Türkiye 2025-01-20
Central Bank of the Republic of Türkiye terminates new and renewed six and 12-month FX-protected deposit accounts converted from foreign currency and gold
The Central Bank of the Republic of Türkiye has ceased the opening and renewal of FX- and gold-converted FX-protected deposit accounts with six-month and 12-month maturities. This move is part of its strategy to phase out FX-protected deposit (KKM) accounts.