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KKM FX Accounts See No Currency-Based Returns for First Time

TURKEY
  • Dunya ran on Saturday that the KKM currency-protected accounts did not generate any FX gains in the most recent renewal period due to the stability of the exchange rate. As such, depositors only received interest income for the first time since the programme was launched.
  • An opinion piece on the matter writes that this is a positive development and may incentivise savers to seek better returns in equity markets across Turkey, starting with index funds.
  • Elsewhere, Dunya writes that the car-making sector in Turkey is braced for lower production across both 2023 and 2024, a factor that will play a key part in national export figures going forward. European brands are said to have already notified their partners in Turkey of the production cuts.
  • Cabinet are due to meet later today, and are to discuss constitutional issues, the economy and the grain corridor deal out of Ukraine, according to Sabah.

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