Central Bank statement on KKM: Account opening transactions have been terminated

The Central Bank of the Republic of Turkey (CBRT) has announced the termination of account opening and renewal transactions for foreign exchange and gold-backed currency-protected deposit (KKM) and participation accounts with 6-month and 12-month terms.

In a new move regarding currency-protected deposits, the CBRT has introduced restrictions on the opening and renewal of KKM accounts as part of its exit strategy.

According to the statement from the CBRT, “The Central Bank of the Republic of Turkey has decided to terminate the opening and renewal of 6-month and 12-month term foreign exchange and gold-backed currency-protected deposit and participation accounts as of January 20, 2025.”