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Banks Asked to Not Offer Perks on FX-Protected KKM Accounts

TURKEY
  • Bloomberg report that Turkish banks have been asked to not offer FX perks on the FX-linked deposit accounts - broadly inline with reports on the matter yesterday - Reuters and Dunya cited meeting participants yesterday as saying that the CBRT had signalled in a meeting with bankers that it could soften some measures - namely putting a brake on FX-protected TRY deposit accounts and prohibiting payouts given to the KKM accounts.
  • The cumulative value behind the FX-protected savings accounts is see totalling over $120bln.

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