The application for currency protected deposit (KKM) for foreign currency deposits and participation funds of legal entities resident in Turkey has been extended to cover December 31, 2022.

According to the statement that modifies the statement of the Central Bank on the support for the conversion to TL of deposit and participation accounts published in the Official Gazette today, the term for the conversion of deposit accounts and participation in foreign currency in banks a TL for domestic legal persons is 30. Extended from September 2022 to December 31, 2022.

Consequently, the balances of the participation fund accounts of foreign exchange deposits in dollars, euros and sterling in banks between December 31, 2021 and December 31, 2022, of legal entities within the scope, can be converted in TL at the conversion rate and included in the KKM, if the account holder requests it. (Reuters)