19/12/2022
Turkey extends FX-protected lira deposit scheme for a year – Reuters

by FoxLive.News

ISTANBUL, Dec 17 (Reuters) – Turkey extended by a year a scheme that had it adopted in the throes of a 2021 currency crisis which protects lira deposits from depreciation versus hard currencies.
A presidential decree published in Saturday's official gazette amended the deadline for opening new so-called KKM accounts to Dec. 31, 2023.
President Tayyip Erdogan's government introduced the state-backed scheme in December 2021 to stem a historic lira collapse triggered by interest rate cuts that Erdogan had sought. The lira has still lost 29% versus the dollar this year but has held mostly stable since August.
Turkish budget payments into KKM stood at 9.3 billion lira ($500 million) in September.
($1 = 18.6343 liras)
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Thailand's key interest rate will continue to rise until the economy grows at its full potential and inflation returns to target, with gradual policy normalisation still appropriate, the central bank said on Monday.
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Thailand's key interest rate will continue to rise until the economy grows at its full potential and inflation returns to target, with gradual policy normalisation still appropriate, the central bank said on Monday.
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