Provinces with the highest dollar deposits revealed by BRSA data: 'Half of the deposits are in Istanbul'

According to BRSA data, as of the end of September, the province with the highest share of foreign currency in its total deposits is Aksaray at 48.9 percent. It is followed by Nevşehir and Kırşehir at 46.4 percent. Istanbul is the wealthiest city in terms of Turkish Lira deposits. Istanbul holds 44.3 percent of total TL deposits with 3 trillion 384.9 billion lira, and 45.9 percent of foreign currency deposits with 2 trillion 165.3 billion lira. Bayburt was identified as the province with the lowest TL deposits. There is only 2.9 billion TL in TL accounts in this province.

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Provinces with the highest dollar deposits revealed by BRSA data: 'Half of the deposits are in Istanbul'

Dünya newspaper columnist Naki Bakır analyzed the distribution of dollar and TL deposits by province based on data from the Banking Regulation and Supervision Agency (BRSA).

In the introduction of his article, Bakır shared the following analysis: "In the first nine months of the year, which saw a significant decline in the share of foreign currency within the total deposit volume across the country, Central Anatolian provinces such as Aksaray, Nevşehir, Kırşehir, and Yozgat continued to rank at the top, despite their shares declining. According to the aggregated monthly data released by the Banking Regulation and Supervision Agency (BRSA), total domestic deposits increased by 49.7 percent, or 4.1 trillion lira, in the January-September period, reaching 12 trillion 354 billion lira."

Bakır continued his article as follows:

"Of this, 7 trillion 641.1 billion lira consisted of TL deposits, while 4 trillion 712.9 billion lira consisted of foreign currency deposits. Compared to the end of 2022, while TL deposits recorded a nominal increase of 64 percent, which is above inflation, the nominal growth in the TL value of foreign currency deposits remained at 31.1 percent.

When deflated by the nine-month inflation rate of 49.86 percent based on the CPI in 2022, it was determined that while there was a 9.4 percent increase in 'real' terms in TL deposits, the volume of foreign currency deposits contracted by 12.5 percent in real terms, including exchange rate differences. The share of foreign currency deposit accounts, which made up 43.6 percent of the total deposit volume at the end of 2022, fell by 5.4 points in the first nine months of this year, declining to 38.2 percent as of the end of September.

HALF OF THE DEPOSITS ARE IN ISTANBUL

Approximately half of the total domestic deposits, amounting to 5 trillion 550.2 billion lira or 44.9 percent, are located in Istanbul due to its population and economic size.

Istanbul holds 44.3 percent of total TL deposits with 3 trillion 384.9 billion lira, and 45.9 percent of foreign currency deposits with 2 trillion 165.3 billion lira. 39 percent of the province's total deposits are in foreign currency. Istanbul is followed in total deposit volume by Ankara with 1 trillion 797.2 billion lira and İzmir with 668.4 billion lira."

BAYBURT HAS THE LOWEST DEPOSITS

According to Bakır's analysis, 64.9 percent of the total TL deposits in Turkey are located in these three major provinces. Antalya, Bursa, Kocaeli, Adana, Muğla, Konya, and Gaziantep are among the top ten provinces with the highest deposits, respectively. The provinces with the lowest deposits are Bayburt with 2.9 billion lira, Ardahan with approximately 3.6 billion lira, Hakkâri with 4.1 billion, Kilis with 4.5 billion, and Gümüşhane with 6.2 billion lira.

PROVINCES WITH THE HIGHEST DOLLAR DEPOSITS

The article also examined the dollar deposit accumulations of the provinces. According to Bakır's analysis, "The province with the highest share of foreign currency in its total deposits as of the end of September is Aksaray with 48.9 percent. This province maintains its top position despite its dollarization rate falling by 8.8 points compared to the end of 2022. This province is followed in the share of foreign currency by Nevşehir and Kırşehir with 46.4 percent, Yozgat with 46.2 percent, and Kütahya with 45.4 percent. Yalova with 45.3 percent, Bayburt with 45.2 percent, Karaman and Elâzığ with 44.4 percent, and Antalya with 43.9 percent are among the top ten provinces with the highest share of foreign currency in their deposits."

News Source: AA