Turkey to End FX-Linked Deposit Program in 2024, Minister Says

Turkey plans to end its FX-protected deposit program in the new year, said Treasury and Finance Minister Mehmet Simsek.

“2024 will be a year annual inflation starts to decline, reserve adequacy increases further, the foreign exchange protected system ends, a permanent improvement in the current account begins, and fiscal discipline is established,” Simsek said in a post on the social media platform X, formerly Twitter.

“It will be a year the foundation of sustainable high growth is strengthened,” he added.

The massive program, also known as KKM, was introduced in December 2021 with the goal of reversing dollarization in ...