Decline in FX-protected deposits continues: Balance falls to 15.2 billion dollars
The Central Bank of the Republic of Turkey (TCMB) stated that there was a significant decrease in foreign exchange-protected deposit accounts in May. The total KKM balance fell to the 15.2 billion dollar level.
The latest data released by the Central Bank revealed a significant decline in the stock balances of foreign currency-converted FX-protected deposits (DDKKM) and Turkish Lira FX-protected deposits (TL KKM). In May, the total stock balance of DDKKM fell from 18.7 billion dollars to 15.2 billion dollars, a decrease of 3.5 billion dollars compared to the previous month.
While the DDKKM account balance belonging to individuals decreased by 2.3 billion dollars, falling from 16.9 billion dollars to 14.6 billion dollars, the DDKKM balance belonging to legal entities fell from 1.8 billion dollars to 600 million dollars, a decrease of 1.2 billion dollars.
Economists emphasize that this decline in FX-protected deposit balances is related to depositors starting to prefer alternative investment vehicles and the increasing attractiveness of the TL. The detailed report published by the TCMB shows that the trend of interest in FX-protected deposits will also be closely monitored in the coming period.
The effects of this development on money markets and the value of the TL are also being carefully observed by economic circles.
News Source: 12punto
Most Read
Striking picture for Özgür Özel's 'New Party'
Özgür Özel gives a dated response regarding the number of resignations
Forest fire in Antalya brought under control
The PKK opening and Özgür Özel’s path!..
Houthis strike Saudi-owned tanker
How did the newspapers view Özgür Özel's farewell to the CHP?
What did the CHP do?
Özel’s new party move in the world press
The New CHP, against CEHAPE
From self-efficacy to despair