ISTANBUL (Reuters) – Turkey prolonged by a yr a scheme that had it adopted within the throes of a 2021 forex disaster which protects lira deposits from depreciation versus onerous currencies.

A presidential decree revealed in Saturday’s official gazette amended the deadline for opening new so-called KKM accounts to Dec. 31, 2023.

President Tayyip Erdogan’s authorities launched the state-backed scheme in December 2021 to stem a historic lira collapse triggered by rate of interest cuts that Erdogan had sought. The lira has nonetheless misplaced 29% versus the greenback this yr however has held largely secure since August.

Turkish funds funds into KKM stood at 9.3 billion lira ($500 million) in September.

($1 = 18.6343 liras)