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

Turkey plans to end its FX-protected deposit program in the new year, said Treasury and Finance Minister Mehmet Simsek.

“2024 will be a year annual inflation starts to decline, reserve adequacy increases further, the foreign exchange protected system ends, a permanent improvement in the current account begins, and fiscal discipline is established,” Simsek said in a post on the social media platform X, formerly Twitter.