Exit from currency-protected deposit continues

As of the week of January 6, the size of currency protected deposits decreased by TL 45.3 billion to TL 1.37 trillion. In the last two weeks, 93 billion TL came out from currency-protected deposits.

The decline in currency-protected deposits continued last week as well.

According to the Banking Regulation and Supervision Agency (BDDK) information, the size of currency-protected deposits decreased by TL 45.3 billion to TL 1.37 trillion in the week of January 6. Thus, an outflow of 93 billion TL was recorded from currency-protected deposits in the last two weeks.

Currency protected deposit application (KKM) for foreign currency deposits and participation funds of legal persons residing in Turkey was extended to cover the date of 31 December 2022.

According to the notification amending the Central Bank’s notification on supporting the conversion to TL deposit and participation accounts published in the Official Gazette, the deadline for the conversion of foreign currency deposit and participation fund accounts in banks into TL by domestic legal persons is September 30, 2022. Extended from December 31, 2022.

Accordingly, the balances of foreign exchange deposit participation fund accounts in dollars, euro and sterling in banks between December 31, 2021 and December 31, 2022, of the legal individuals within the scope, can be converted into TL at the conversion rate and included in the KKM, if the account holder requests it.