Termination of KKM Account Opening Process for Legal Entities
The Central Bank of the Republic of Turkey (CBRT) has made a decision to terminate the opening and renewal of accounts for legal entities in all Credit Deposit Institutions (KKM) accounts, including Yuvam accounts. This decision was announced by the CBRT stating that it is aimed at ensuring transparency and efficiency in the banking sector.
Furthermore, the CBRT has also set targets for the transition and renewal of KKM accounts to Turkish Lira. This move is part of the central bank’s efforts to regulate and strengthen the financial system in Turkey.
The decision by the CBRT comes as part of ongoing efforts to enhance the regulatory framework for financial institutions in the country. It is aimed at promoting a more secure and stable banking environment for legal entities and individual customers.
Overall, the termination of account opening and renewal for legal entities in KKM accounts, as well as the setting of targets for transitioning to Turkish Lira, demonstrates the CBRT’s commitment to maintaining a well-functioning and transparent banking sector in Turkey.
