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Outflows from KKM Accounts Decreases Significantly

TURKEY
  • Outflows from FX-Protected Deposit (KKM) accounts have decreased significantly in recent weeks, Dunya report. Banking officials point out that the renewal rates for the accounts have recently exceeded 80% again, even though the rate of outflows from such accounts have generally been accelerating through 2024. Speculation that the lira will depreciate after the elections have played a role, bankers who spoke to the newspaper say.
  • Interest rates Turkish banks offer on deposits have been reaching high enough levels to encourage savers to switch from foreign currency to liras, aiding government efforts to phase out the accounts. The FX-protected deposit program was introduced in December 2021 to halt a sharp currency depreciation, but since elections last May, Turkey has sought to phase out the program, which requires the state to compensate savers for currency depreciation.
  • Elsewhere, Ekonomi report that interest rates on commercial loans climbed by as much as 700bps after central bank’s rate hike last week, while rates on consumer loan increased by only 40-200bps.
  • There are no economic releases scheduled for today. Trade balance and economic confidence data will cross later in the week.
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