Shift to TL deposits increases: The 10 provinces that sold the most dollars have been identified

According to TUIK inflation data, while the dollar has lost nearly 38 percent in real terms over the last year, the 10 provinces across Turkey that sold the most dollars have been ranked.

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Shift to TL deposits increases: The 10 provinces that sold the most dollars have been identified

According to data from the Banking Regulation and Supervision Agency (BDDK), as interest rates have risen over the past year, investors have moved away from dollar deposits and shifted toward Turkish Lira deposits.

According to TUIK data, annual inflation in July was 61.78 percent. The return on the dollar over the last year remained at the 24 percent level.

When adjusted for inflation, the dollar has experienced a real-term loss of nearly 38 percent over the last year. In other words, investors who held onto the dollar during this period have suffered losses.

SHIFT TO TL DEPOSIT ACCOUNTS INCREASES

According to a report in Milliyet, the appeal of the Turkish Lira (TL) has increased following interest rate hikes, and the interest rates applied to TL deposits have risen rapidly during this period.

TL deposit interest rates, which at one point exceeded the 60 percent level, are currently hovering around an average of 50-53 percent. During this period, citizens have reduced their share of foreign currency while increasing their share of TL deposits.

ISTANBUL LEADS IN DEPOSIT COMPETITION

Over the last 1-year period, TL deposits showed an increase of 3.5 trillion liras. In Istanbul, Turkish lira deposits rose from 2 trillion 757 billion liras to 4 trillion 377 billion liras, an increase of 59 percent.

Kastamonu was the province that increased its share of TL deposits the most in the last year. TL deposits in Kastamonu showed an increase of 17 billion TL.

According to provincial banking figures released by the Banking Regulation and Supervision Agency (BDDK), foreign currency deposits across Turkey have decreased by 1.6 percent over the last year.