Turkey to End FX-Linked Deposit Program in 2024, Minister Says.

Turkey plans to end its FX-protected deposit program in 2024, according to Treasury and Finance Minister Mehmet Simsek. The program, introduced in December 2021, aimed to reverse dollarization in deposits and boost the Turkish currency by encouraging savings in Turkish liras. The decision to terminate the program is part of the government's efforts to establish fiscal discipline, improve reserve adequacy, and strengthen sustainable high growth. Turkish banks will no longer offer FX-protected lira deposit accounts for savings held in regular lira accounts starting from January 1, 2024. [Extracted from the article]