As part of its strategy to phase out FX-protected deposit accounts (KKM), the Central Bank of the Republic of Türkiye has stopped legal entities from opening or renewing KKM accounts, including YUVAM accounts, with effect from 15 February 2025, and excluded legal-entity KKM balances from KKM renewal and transition-to-Turkish-lira (TRY) targets.
Central Bank of Türkiye 2025-02-15
Central Bank of the Republic of Türkiye discontinues opening and renewal of FX-protected deposit accounts for legal entities
The Central Bank of the Republic of Türkiye has prohibited legal entities from opening or renewing FX-protected deposit accounts (KKM), including YUVAM accounts, effective 15 February 2025. Legal-entity KKM balances are also excluded from KKM renewal and transition-to-Turkish-lira (TRY) targets.