The new decision is “No new TL converted KKM accounts will be opened”

turkish lira

As of January 1, 2024, no new TL convertible KKM accounts will be opened and existing TL convertible KKM accounts will not be renewed at maturity.

On the other hand, new account openings and renewal at the end of maturity will continue in foreign currency convertible KKM accounts.

According to the letter sent to the banks, the maturity and other transactions of TL-converted FX-protected accounts opened before January 1, 2024 and not yet matured will be carried out in accordance with the “Implementation Instruction on the CBRT’s Support of Deposit and Participation Accounts against Exchange Rate Increases”.

New account openings and renewals at maturity will continue for FX-convertible FX hedged accounts.

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