CBRT Takes New Steps to Support the Decline in KKM Balances

The Central Bank of the Republic of Turkey (CBRT) has taken new steps to support the decrease in the balance of the Currency Protected Deposit (CKD). According to a statement from the CBRT, the total target for the transition and renewal of CKD to Turkish Lira has been reduced from 70% to 60%. The minimum interest rate set for CKD accounts has been lowered from 70% of the policy rate to 50%. The application of interest or compensation payments for the required reserves to be maintained for CKD has been removed for newly opened and renewed CKD accounts.