The scope of KKM application to companies has been extended

The KKM application for foreign currency accounts of companies has been extended to cover 2022. The exchange rate protected deposit application (KKM) for foreign currency deposits and participation funds of domestic legal entities has been extended to cover December 31, 2022. According to the communiqué amending the Central Bank communiqué on supporting the conversion to TL deposit and participation accounts published in today's Official Gazette, in the application of converting foreign currency deposit and participation fund accounts of domestic legal entities in banks to TL, the deadline for the time the account is in the bank has been extended from September 30, 2022 to December 31, 2022. Accordingly, the foreign currency deposit participation fund account balances of legal entities within the scope in dollars, euros and pounds in banks between December 31, 2021 and December 31, 2022 may be converted to TL at the conversion rate and included in the KKM upon request by the account holder.