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EXCHANGE RATE PROTECTED DEPOSIT AND ITS CONSEQUENCES
(Bayburt University, 2024) Kartal, Fikret
FX-Protected Deposit Scheme (KKM) has been a significant component of the non-conventional policies since December 2021 in Turkey. It aimed to fill the gap created by the policy interest rate which has been used for various purposes. The KKM system encompassed goals such as suppressing demand for foreign currency, preventing exchange rate increases, directing funds towards Turkish Lira assets and increasing reserves. In our financial analysis-focused study, the effects of KKM on the CBRT, the Treasury and the banking sector are evaluated from December 2021 to September 2023 after explaining the structure, features and implementation process of the system. According to the results of the study, the share of foreign currency deposits (65%) has not changed when the KKM converted from FX was included, the share of short-term deposits in total deposits decreased from 92% to 74%. Out of the total cost of the KKM, which is estimated at TL 1 trillion until September 2023 according to our calculation shown in the paper, approximately TL 860 billion was covered by the CBRT. It was also determined that reserves has decreased by USD 85 billion after the swap and KKM converted from FX.