Turkish investors shift away from currency protection mechanism ...Iraq

Shafaq News/ Turkish investors have reportedly abandoned the use of a mechanism designed to halt the sale of local currency, shifting their funds to regular dollar-denominated accounts, according to a report by Bloomberg. About $5 billion was withdrawn from accounts referred to as "KKM," which stands for deposit accounts protected in foreign currency. These accounts are denominated in Turkish lira but are guaranteed by the central bank to compensate depositors for future currency differences, offering attractive interest rates. The news Agency said. This shift follows recent policy changes encouraging commercial banks to facilitate their clients' exit from the "KKM" mechanism. The Turkish c

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