As the dollar increases, the burden of the currency-protected deposit system on the budget increases.
The accelerated meltdown in the Turkish Lira also increases the burden of the currency protected deposit (KKM) system on the budget.
According to the latest data, accounts opened within the scope of KKM reached 782 billion liras. The first terms expired in March-April. In this context, the Treasury paid 13.2 billion liras from the budget for those whose maturity was due in the middle of March 23-April 8, and the Central Bank paid a foreign exchange guarantee of 1.6 billion liras for those who returned from foreign exchange. Due to the corporate tax advantage provided to companies transferred to KKM, the tax price that was abandoned was 10.1 billion liras.
MINIMUM MATURITY 3 MONTHS OPENS
Depositors who received the exchange rate difference deposited their money back to KKM. For this reason, it is calculated that the recent increases in the exchange rates related to KKM, especially the dollar, will increase the cost of the system even more. For example, on April 1, the dollar was $14.69. The equivalent of 500 thousand TL was 34 thousand 37 dollars. Yesterday at noon, when the dollar increased to 15.30 liras, the TL value of this savings reached 520 thousand 766 TL. Thus, a return of 20 thousand 766 TL occurred in the middle of two dates. A minimum of three-month accounts must be opened for KKMs. If the dollar rate of the accounts connected in April is higher at the end of maturity, the rate of return will also increase. The highest interest rate in KKM’s is 17 percent. If 500 thousand TL were invested with 17 percent interest, the gross interest income to be obtained at the end of 3 months would be 21 thousand 425 TL. In this case, interest will be paid to the depositor since the interest yield is higher than the current exchange rate. However, if the interest is 15 percent, the gross interest income decreases to 18 thousand 905 TL. In this case, the depositor will be paid the difference, since the exchange rate yield is higher. Thus, the budget resources created by the taxes of the people will be transferred to those who have money in the bank with this system.