Decline in TL deposits continues

The volatility in foreign currency accounts within the Turkish economy persists. When adjusted for parity effects, a total loss of 1 billion 659 million dollars was recorded in the foreign currency deposits of individuals and companies during the week of June 5. In the previous week, there had been an increase of 1 billion 488 million dollars in foreign currency accounts.

Looking at the details, foreign currency deposits of individual investors decreased by 476 million dollars, while there was a decline of 1 billion 83 million dollars in foreign currency accounts belonging to legal entities. Thus, a significant change in the demand for foreign currency was observed.

The downward trend also continued on the side of exchange-protected Turkish lira time deposit and participation accounts. KKM accounts fell by 1.3 million lira last week, dropping to a total of 311.2 million lira.

The figures in the weekly bulletin of the Banking Regulation and Supervision Agency (BDDK) also revealed the general outlook of the sector. As of June 5, the total loan volume reached 26 trillion 54 billion 213 million lira with a growth of 126 billion 737 million lira.

In the same period, the total amount of deposits, including interbank transactions, increased by 75 billion 397 million lira, rising to the level of 29 trillion 633 billion 774 million lira.

News Source: 12punto