Turkey's central bank began rolling back on Sunday a growing and costly scheme that protects lira deposits from FX depreciation, marking another move toward more orthodox policies following a shift toward interest rate hikes.
The central bank said in the early hours on Sunday that it lifted targets applied to banks for certain levels of conversions of foreign-exchange deposits to the lira-protection scheme, known as KKM.
President Tayyip Erdogan's government introduced the KKM scheme in late 2021 to arrest a historic plunge in the currency, which had been brought on by his unorthodox drive to slash interest rates despite rising inflation. The lira has been stable over the last month and closed last week at 27.02 to the dollar, an all-time low.
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