{"id":57901,"date":"2025-08-09T23:01:12","date_gmt":"2025-08-09T23:01:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/57901\/"},"modified":"2025-08-09T23:01:12","modified_gmt":"2025-08-09T23:01:12","slug":"turkey-nears-exit-from-costly-fx-protected-deposit-scheme","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/57901\/","title":{"rendered":"Turkey nears exit from costly FX-protected deposit scheme"},"content":{"rendered":"<p>                            <img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"600\" class=\"picture-main-block-image\" data-nxsrc=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/08\/Turkey-3.png\" alt=\"Turkey nears exit from costly FX-protected deposit scheme\" src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/08\/Turkey-3.png\"\/><\/p>\n<p>Turkey is on the verge of ending a scheme protecting deposits from currency depreciation that is estimated to have cost $60 billion, another step toward abandoning unorthodox economic policies that triggered a lira crisis several years ago.<\/p>\n<p>Turkish officials said the KKM scheme, introduced in late 2021, will be terminated by the end of 2025, though many bankers believe the exit could come even sooner.<\/p>\n<p>The value of deposits covered by the scheme has shrunk from a peak of $140 billion to just $11.8 billion, a figure now seen as negligible in the context of Turkey\u2019s $1.3 trillion economy.<\/p>\n<p>The exit from KKM has progressed much faster than initial market expectations.<\/p>\n<p>Under the scheme, individuals and businesses were able to deposit lira in special accounts that were protected against exchange rate losses.<\/p>\n<p>The lira lost 44% of its value against the dollar in 2021, 29% in 2022, 37% in 2023, and 16% last year. (Reuters)<\/p>\n","protected":false},"excerpt":{"rendered":"Turkey is on the verge of ending a scheme protecting deposits from currency depreciation that is estimated to&hellip;\n","protected":false},"author":2,"featured_media":57902,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46,3848],"class_list":["post-57901","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy","tag-turkey"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/57901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=57901"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/57901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/57902"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=57901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=57901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=57901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}