Turkish Lira Deposit Program to be extended
2022.12.17 14:11
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Turkish Lira Deposit Program to be extended
Budrigannews.com – A plan that Turkey implemented during the midst of a currency crisis in 2021 to safeguard lira deposits from depreciation in comparison to hard currencies was extended by one year.
The deadline for opening new KKM accounts was extended to December 31, 2023 by a presidential decree that was published in the official gazette on Saturday.
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The state-backed plan was implemented by President Tayyip Erdogan’s government in December 2021 to avert a historic lira collapse caused by Erdogan’s desire for interest rate cuts. This year, the lira has lost 29% against the dollar, but it has mostly remained stable since August.
