According to the weekly data of the Central Bank of the Republic of Turkey, total foreign currency deposits increased by 185 million dollars in the week of February 25, adjusted for the parity effect. Compared to the previous week, the increase in foreign currency deposits of real persons increased by 1.2 billion dollars, while foreign currency deposits of legal entities decreased by 1 billion dollars.

 

In the same week, foreign currency deposits of domestic residents decreased by 156 million dollars from 215.99 billion dollars to 215.8 billion dollars. According to the data, we see that the foreign exchange accounts of real people have increased by 1.2 billion dollars. 1.4 billion dollars was withdrawn from legal person foreign currency accounts. Weekly data on currency-protected deposits, which are also monitored on the basis of CBRT reserves, were also published. Accordingly, FX-protected deposits were recorded as TL 520.14 billion in the week of February 25.

 

Recently, with the tendency to avoid the risk created by the Russia-Ukraine war, the negative outlook on the Turkish assets has increased and the exchange rate has increased. After the introduction phase of the currency protected deposit product by President Mr. Recep Tayyip Erdoğan, we were observing a decrease in foreign currency accounts and a stabilization in the exchange rate, with the participation of legal entities, in the accounts opened since the beginning of the year. It is estimated that the foreign currency account movements of legal entities are mostly in the form of conversion from FX to TRY. In the last account movements, it is seen that the conversions of real people have lost momentum and the foreign currency accounts have increased by a limited amount.

 

At the current level, we will continue to monitor the trends in the FX-linked deposit product, which is centered on dollarization and financial stabilization. The financial dollarization rate is at the level of 57.34% as of the week of February 25, we see a slight increase from the rate that was 56.92% in the previous week. This rate was 53.8% in the same period of the previous year.

Kaynak Tera Yatırım
Hibya Haber Ajansı