Turkey’s Central Bank Ends FX-Protected Deposits for Legal Entities

The Central Bank of Turkey (CBRT) announced on Saturday that it has discontinued the opening and renewal of FX-protected deposit (KKM) accounts for legal entities, effective February 15, 2025. This decision is part of the CBRT’s broader strategy to phase out KKM accounts, which were originally introduced to stabilize the Turkish lira amid currency volatility.

With this latest move, the CBRT continues its efforts to reduce dollarization in the economy, signaling a shift toward conventional monetary policies.