Finance Minister Mehmet Şimşek has announced a notable decline in the stock of Currency-Protected Deposits (KKM). The KKM stock, which was 3.4 trillion TL a year ago, has decreased by 1.6 trillion TL over 50 consecutive weeks.
Since August, withholding tax has been applied in a manner consistent with Turkish Lira (TL) deposits and participation accounts, following the end of the tax advantage for KKM accounts. Şimşek stated that the exit from KKM has accelerated following this regulation and is expected to continue.
The Finance Minister emphasized that they will continue to strengthen financial stability to achieve price stability, which is the primary goal of the government’s program.
Source: Ministry of Finance Press Release