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Central Bank Abolishes Minimum Interest Requirement on KKM Accounts

TURKEY
  • The CBRT annulled the minimum interest requirement in KKM accounts meaning banks will be able to pay interest below the policy rate of 30% for Turkish lira converted exchange rate protected accounts.
  • CBRT Governor Erkan delivered the Opening Speech of the OIC-COMCEC Central Banks Forum Meeting and delivered the following comments (taken via the central bank’s X account):
    • “Leading indicators indicate that domestic and foreign investors have started to increase the share of Turkish lira assets in their portfolios.”
    • “Our recent regulations aim to increase the share of Turkish lira deposits.”
    • “We are determined to increase local and international demand for Turkish lira assets.”
  • “We can anticipate a decrease in monthly inflation rates to happen sooner. We foresee monthly changes toward the end of this year and the start of next year. We expect annual inflation to fall around the middle of 2024,” Vice President Yilmaz said as per Ekonomi.
  • Turkey's manufacturing confidence was 104.4 in September, according to the Central Bank of Turkey. Adjusted confidence was 105.1 while capacity utilisation was 77.3%. Looking ahead, trade balance data is the highlight of the week on Friday.
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