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Turkish Depositors Exit Key FX Program as Regulators Start Curbs - BBG

TURKEY
  • Bloomberg report that Turkish investors are starting to exit a tool designed to halt a selloff in the lira and moving their money into regular dollar accounts, putting pressure on the central bank to meet increasing demand for foreign exchange.
  • Depositors last week withdrew around $5 billion from the so-called KKM accounts, in which investors are offered generous interest rates to hold liras whose return increases the more the currency depreciates, according to a person familiar with the matter.
  • Most of the $5 billion outflow came from investors that originally had dollar savings and reverted to regular dollar accounts last week, the person said. Official data scheduled for Friday will show how much money remained in the KKM program through last week.
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