新华财经伊斯坦布尔8月30日电 运行三年多的土耳其外汇保护型存款机制（KKM）近日开始退出历史 舞台。市场分析人士认为，这一举措向投资者释放信号：该国正尝试减少对非常规货币政策的依赖，逐 步向更加市场化的宏观调控手段过渡。 2021年，土耳其本币里拉经历大幅贬值。土耳其当年12月出台外汇保护型存款机制，允许个人和企业将 里拉存入特殊账户并在汇率贬值时由国家提供补偿，这一机制曾在稳定里拉汇率等方面发挥作用，但近 几年持续承压。包括土耳其中央银行在内的政策制定者认为，该机制运行期间的补偿支出增加了财政赤 字并限制了货币政策灵活性，难以作为长期汇率稳定工具。 土耳其央行本月23日宣布KKM机制账户未来不再接受新开户或续期，意味着该机制将逐渐退出。土耳 其财政部长穆罕默德·希姆谢克说，得益于KKM机制退出策略和紧缩货币政策，外汇保护型存款余额正 稳步下降。土耳其央行行长法提赫·卡拉汉认为，KKM机制余额下降有助提升里拉存款占比，加强货币 政策传导，并降低央行资产负债表风险。 土耳其央行等机构和学者认为，KKM机制逐渐退出将减轻土政府财政负担、恢复货币政策独立性，增 强市场对土政府政策的信心。安卡拉梅迪波尔大学学者哈伦 ...

Core Viewpoint - Turkey is transitioning away from the unconventional foreign exchange protection deposit mechanism (KKM), signaling a move towards more market-oriented macroeconomic policies [1][2] Group 1: Mechanism Overview - The KKM was introduced in December 2021 to stabilize the Turkish lira by allowing individuals and businesses to deposit lira in special accounts with state compensation during currency depreciation [1] - The mechanism has faced increasing pressure in recent years, leading policymakers to view it as a contributor to rising fiscal deficits and limited monetary policy flexibility [1] Group 2: Policy Changes - The Central Bank of Turkey announced on August 23 that no new accounts or renewals for the KKM will be accepted, indicating a gradual phase-out of the mechanism [1] - Turkish Finance Minister Mehmet Simsek noted that the exit strategy from the KKM and tightening monetary policy are leading to a steady decline in foreign exchange protection deposit balances [1] Group 3: Market Confidence and Future Outlook - Analysts believe that the withdrawal of the KKM will alleviate the fiscal burden on the government, restore monetary policy independence, and enhance market confidence in government policies [2] - The Central Bank emphasized that ending the KKM does not equate to abandoning financial stability oversight, with plans to adjust reserve requirements and end tax exemptions to support robust monetary policy transmission [2] - Future tightening policies will continue until inflation shows sustained decline and price stability is achieved, with a focus on attracting capital inflows through more transparent market mechanisms [2]