Statement from Minister Şimşek on KKM

The Exchange Rate Protected Deposit system has ended. The Central Bank's decision on the matter has been published in the Official Gazette.

Treasury and Finance Minister Mehmet Şimşek made the following statement on the issue on his social media account;

We have achieved another important goal of our program. The Currency Protected Deposit (CCD) program has ended. New accounts will no longer be opened, and existing accounts will no longer be renewed. Thanks to our program, the CDM balance, which peaked at 3.4 trillion TL ($143 billion), has been declining continuously for two years, falling to 441 billion TL ($11 billion) as of August 15th. The termination of CDM, a significant contingent liability, will further strengthen financial stability.