KKM entry at 53-week high

The momentum of increase observed in currency protected deposits continues.

According to the Banking Regulation and Supervision Agency (BDDK) data, currency protected deposits broke a new record in the week of 7 April.

Inflows to Currency Protected Deposits reached the peak of 53 weeks. According to BRSA data, Currency Protected Deposit accounts increased by 4.45 percent in the week of April 7.

Net inflow reached the highest level in 53 weeks with 75.8 billion liras, while total deposits were recorded as 1.78 trillion liras.

Two new regulations on KKM

For the support to be provided in the transition to the Turkish lira, the requirement that the foreign exchange deposit or participation fund accounts in foreign currency be opened by 31 December has been extended to 31 March 2023. The article that determines the maturity of accounts related to the new regulation has also been changed.

According to the regulation, the opening date of the said Foreign Exchange deposit or participation fund accounts in foreign currency has been extended to March 31, 2023, in order to support the transition to the Turkish lira. According to the previous regulation, this date was determined as 31 December 2022.

With the new regulation, it was seen that the maturity limitation was also removed. In the previous communiqué, “3 months by the Bank for real persons residing in the country and legal persons residing in the country,
The expression “Turkish lira deposit or participation account will be opened with a maturity of 6 months or 1 year” has been changed. In the new article, only the terms “The terms of Turkish lira deposit or participation accounts to be opened by the Bank are determined in the procedures and principles to be published by the Central Bank” were used.

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