2023: Turkey's central bank suffers $25bn loss due to foreign exchange-protected deposit scheme (KKM).
Turkey's central bank suffered a $25bn loss in 2023, mainly due to a government-backed foreign exchange-protected deposit scheme (KKM). The scheme, launched in 2021, aimed to encourage savings in Turkish lira by compensating for losses from declines against hard currencies. As the government works to exit the scheme, the central bank is seeking to boost the share of lira deposits in the banking system.
April 15, 2024
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