Remarkable increase in foreign currency deposits in Turkey

According to the latest data published by the Central Bank of the Republic of Turkey (TCMB), foreign currency deposits of domestic residents showed a significant increase in the week of June 13. Foreign currency deposits, which were at the level of 190 billion 551.95 million dollars the previous week, rose to 195 billion 140.28 million dollars. Thus, a total increase of 4 billion 588.33 million dollars occurred.

Foreign currency deposits of individuals increased by 1 billion 337.16 million dollars in one week, reaching 119 billion 572.66 million dollars. A larger increase was experienced in the foreign currency accounts of legal entities; the foreign currency deposits of this segment rose by 3 billion 251.17 million dollars to 75 billion 567.62 million dollars.

When looking at the data adjusted for parity effects, it is seen that there is an increase of 2 billion 937.06 million dollars in total foreign currency deposits. In this context, while the foreign currency deposits of individuals rose by 129.72 million dollars, the foreign currency deposits of legal entities showed an increase of 2 billion 807.35 million dollars.

Economists point out that this rise in foreign currency deposits may be linked to exchange rate volatility and economic uncertainties. The increase in foreign currency accounts reveals that the interest of both individual and corporate investors in foreign currency continues.

News Source: 12punto