Fastest exit in 6 months at KKM

Currency-protected deposits experienced the fastest increase in 6 months with 67.7 billion TL in the week when the withholding tax came. While the economy administration is making arrangements to ensure that currency-protected deposits are reduced, the effects of these arrangements are also reflected in the figures. According to the Banking Regulation and Supervision Agency (BDDK) data, currency-protected deposits experienced a decline of 67.7 billion TL in the week of August 2. This decline was the fastest decline in the last 6 months. With the latest data, the size of currency-protected deposits fell below 1.8 trillion TL. While the tax advantages for companies' currency-protected deposits were terminated as of the beginning of July, a withholding tax application was introduced for currency-protected deposits as of August 1. According to the regulation published in the Official Gazette, a withholding tax of 7.5 percent was imposed on KKMs with 6-month terms and 5 percent on those with terms up to 1 year. The withholding tax application will also be applied to gold conversion accounts and currency-protected participation accounts at the same rates.