As of January 1, 2024, new TL converted KKM accounts will not be able to be opened, and existing TL converted KKM accounts will not be renewed at the end of maturity. New account openings and renewals at the end of maturity will continue in KKM with foreign currency conversion.
The Central Bank of the Republic of Turkiye (CBRT) ended the opening of new accounts in the Turkish lira (TL) convertible Exchange Rate Protected Deposits (KKM).
According to the letter sent to banks from the CBRT, new accounts will not be able to be opened in KKM with TL conversion as of January 1, 2024. Existing TL converted KKM accounts will not be able to be renewed at maturity dates.
In KKM with foreign currency conversion, new account openings and renewal at maturity continue.
According to the letter sent to banks, the end of maturity and other transactions of TL conversion rate protected accounts opened before January 1, 2024 and whose maturity has not yet matured will be carried out within the scope of the provisions of the “Implementation Instruction on the Support of Deposit and Participation Accounts by the Central Bank of the Republic of Turkiye against Exchange Rate Increases”.
With the “Decision on Amendments to the Decision on Supporting Deposit and Participation Accounts Against Exchange Rate Increases”, the opening period of the said accounts was extended until December 31, 2023.
exchange rate protected deposit