Government extends period for currency protected deposit accounts

The period for Exchange Rate Protected Deposit (KKM) accounts has been extended until the end of 2023. The decision was published in the Official Gazette. According to the decision, currency-protected Turkish lira (TL) deposit and participation accounts can be opened until December 31, 2023.

In order to prevent the TL from depreciating against the foreign currency, the government had launched the exchange rate protected deposit system in December 2021. The system is based on the fact that the difference is paid to KKM participants in TL by the Treasury or Central bank MB in case of currency rises.

One part of the KKM belongs to the instrument issued by the Treasury and the other part belongs to the Central Bank instrument.

The Ministry of Treasury and Finance had announced that the amount of payments paid for the KKM accounts in 10 months had increased to 91.57 billion TL. MB, on the other hand, has not disclosed this data.