ISTANBUL (Reuters) -Turkey is ending a scheme protecting deposits from currency depreciation that is estimated to have cost $60 billion, in another step to abandon unorthodox economic policies that triggered a lira crisis several years ago.

Turkish central bank decided to terminate the opening and renewal of fx-protected scheme accounts effective on Aug 23, it said in a statement, adding that accounts opened before this date will remain valid until their maturity.

The central bank also said that following the termination it has revised its regulations on reserve requirement remuneration and commission practices tied to the scheme.

Turkish officials previously said the KKM scheme, introduced in late 2021, will be terminated by the end of 2025.

Under the scheme, individuals and businesse

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