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ISTANBUL, Dec 17 (Reuters) – Turkey prolonged by a yr a scheme that had it adopted within the throes of a 2021 forex disaster which protects lira deposits from depreciation versus laborious currencies.
A presidential decree printed in Saturday’s official gazette amended the deadline for opening new so-called KKM accounts to Dec. 31, 2023.
President Tayyip Erdogan’s authorities launched the state-backed scheme in December 2021 to stem a historic lira collapse triggered by rate of interest cuts that Erdogan had sought. The lira has nonetheless misplaced 29% versus the greenback this yr however has held largely steady since August.
Turkish finances funds into KKM stood at 9.3 billion lira ($500 million) in September.
($1 = 18.6343 liras)
Reporting by Azra Ceylan; Modifying by Jonathan Spicer
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