Ankara: The Central Bank of the Republic of Trkiye (CBRT) has announced the termination of foreign-exchange-protected deposits, known as KKM, effective from August 23. This move marks a significant shift in the country's approach to managing its currency and foreign exchange reserves.

According to Anadolu Agency, the CBRT stated that any accounts opened prior to the specified date will remain active until their maturity dates. Once these accounts reach maturity, the relevant communiqu©s governing them will be repealed. This policy change comes as Turkey continues to navigate complex economic challenges and seeks to stabilize its currency.

The foreign-exchange-protected deposits were initially introduced to protect Turkish lira deposits against currency fluctuations. However, as the country faces ongoing economic pressures, including inflation and currency devaluation, the central bank appears to be reevaluating its strategies to ensure financial stability.

This decision is part of broader economic adjustments within Turkey, aimed at fostering a more resilient financial system. The CBRT's move may also be influenced by global economic trends and the need to align domestic policies with international financial dynamics.

In related economic news, California has signed a climate and technology partnership with Denmark, focusing on green energy and sustainability. Meanwhile, Canada announced plans to lift tariffs on US goods under the CUSMA trade agreement, reflecting ongoing shifts in international trade relations.