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Turkey extends FX-protected lira deposit scheme for a year

A presidential decree published in Saturday’s official gazette amended the deadline for opening new so-called KKM accounts to Dec. 31, 2023.

President Tayyip Erdogan’s government introduced the state-backed scheme in December 2021 to stem a historic lira collapse triggered by interest rate cuts that Erdogan had sought. The lira has still lost 29% versus the dollar this year but has held mostly stable since August.

Turkish budget payments into KKM stood at 9.3 billion lira ($500 million) in September.

($1 = 18.6343 liras)


Source: Economy - investing.com

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