Volume of FX-protected deposits reaches 3.3 trillion Turkish Liras in new record

The volume of foreign exchange-protected lira deposits has broken a record and reached 3.3 trillion Turkish liras (corresponding to 121.8 billion U.S. dollars) as of Aug. 4, according to data released by the banking watchdog BDDK.

Duvar English

According to the latest data released by Turkey's Banking Regulation and Supervision Agency (BDDK), the volume of foreign exchange-protected deposits (KKM) has increased by 150 billion Turkish Liras in one week and reached 3.28 trillion liras as of Aug. 4. In terms of dollars, the volume of KKM deposits has been registered as 121.8 billion U.S. dollars.

KKM accounts make up over 26 percent of whole deposits in Turkey as of Aug. 4. This ratio was just over 25 percent the week before. The total size of deposits in the banking sector has reached 12.5 trillion liras.

As for the volume of loans given by banks, it has increased from 10.2 trillion liras to 10.3 trillion liras.

President Recep Tayyip Erdogan's government introduced the state-backed KKM scheme in December 2021 to stem a historic lira collapse triggered by interest rate cuts that Erdoğan had sought.