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Turkey ends Currency Protected Deposit (KKM) program as balances hit zero
The Currency Protected Deposit (KKM) system in Turkey has officially concluded, with the Banking Regulation and Supervision Agency (BDDK) reporting that KKM account balances reached zero for the week ending August 21. Treasury and Finance Minister Mehmet Şimşek confirmed the completion of the exit process, describing KKM as a 'conditional liability' and stating that policies to strengthen macro-financial stability and confidence in the Turkish Lira will continue.
According to BDDK data, the banking sector saw an increase in total credit volume, rising by 50.98 billion lira to reach 27.73 trillion lira. Total deposits also grew by 506.47 billion lira, reaching 32.32 trillion lira. However, consumer loans saw a decrease of 23.03 billion lira, falling to 3.42 trillion lira.
Other notable shifts include a rise in non-performing loans, which increased by 5.66 billion lira to 838.97 billion lira, and an increase in the banking system's legal equity to 5.98 trillion lira.
Entities
Banking Regulation and Supervision Agency · Central Bank of the Republic of Turkey · Central Bank of the Republic of Türkiye · Mahfi Eğilmez · Mehmet Şimşek · Ministry of Treasury and Finance · Turkey
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Gross foreign exchange reserves reached approximately 188.4 billion dollars. www.yenicaggazetesi.com
- [DISPUTED] Total consumer loans decreased to 3.42 trillion lira. sonsoz.com.tr · www.tigrishaber.com · www.tv5.com.tr · www.ajansflash.com · www.yorumla.net · +5 more
- [● 9 SOURCES] Non-performing loans (legal follow-up debts) increased to 838.97 billion lira. sonsoz.com.tr · www.tigrishaber.com · www.tv5.com.tr · www.yorumla.net · yurtsever.org.tr · +4 more
- [DISPUTED] The balance in Currency Protected Deposit (KKM) accounts reached zero as of the week ending August 21. gazeteyenisoz.com · sonsoz.com.tr · www.tigrishaber.com · www.tv5.com.tr · www.ajansflash.com · +9 more
- [● 3 SOURCES] Treasury and Finance Minister Mehmet Şimşek announced that the exit process from KKM has been successfully completed. gazeteyenisoz.com · www.kocatepegazetesi.com · tasinmazhaber.com
- [DISPUTED] The legal equity of the banking system increased to 5.98 trillion lira. sonsoz.com.tr · www.tigrishaber.com · www.tv5.com.tr · www.yorumla.net · yurtsever.org.tr · +4 more
- [● 10 SOURCES] Total deposits in the banking sector, including interbank transactions, increased to 32.32 trillion lira. sonsoz.com.tr · www.tigrishaber.com · www.tv5.com.tr · www.ajansflash.com · www.yorumla.net · +5 more
- [DISPUTED] The total credit volume in the banking sector rose to 27.73 trillion lira as of August 21. sonsoz.com.tr · www.tigrishaber.com · www.tv5.com.tr · www.ajansflash.com · www.yorumla.net · +5 more