The decline in the exchange rate protected deposit system continues. In just two and a half months, 500 billion TL left the system. The government’s steps to get rid of KKM seem to be yielding results.
“The government announced in 2021”exchange rate protected deposit“The steps taken to get rid of the (KKM) system seem to be yielding results. According to the current data published by the Banking Regulation and Supervision Agency (BDDK), the exit from the KKM system has increased in the last 10-week period. 500 billion lira exceeded. With the latest data announced, the total amount in KKM was 2.92 trillion TL. This figure was 3.4 trillion TL on August 15.
Of course, the money from KKM is transferred to deposit accounts in TL. According to information obtained from industry sources, the total money in the deposit accounts of real persons, Up to 4.7 trillion lira is on the rise. Moreover, there is a belief that deposit interest rates are still low. According to industry sources, banks are offering interest rates of up to 45 percent for deposit accounts. increase a little morewill accelerate investors’ return to deposit accounts.
Steps against KKM caused investors to leave the system
The government states that this system will be beneficial to the country’s economy in 2021 and will reduce dollarization he was thinking. However, nothing like this happened. In fact, there were serious increases in the dollar and inflation during this period. Mehmet Şimşek and his team, who replaced Nureddin Nebati, also took some steps to eliminate this system. From banks removal of minimum interest requirement With this, the system technically came to an end. This is exactly the reason for exiting the system.
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Even though the exit from KKM continues at full speed, it is to make you pay the price It must be said that it continues. According to economists, even though the KKM system has been killed, it continues to be a burden on the treasury. The reason for this is past practices. The step taken, thinking that citizens would move away from the dollar and return to KKM, unfortunately put an extra burden on the treasury, with the dollar exchange rate increasing by 50 percent. The dollar-TL parity, which was around 18 when KKM was announced, is now over 28 watching…
Source :
https://www.dunya.com/ekonomi/kkmde-10-haftalik-dusus-500-milyar-tlye-yaklasti-haberi-710475