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Turkey: Foreign exchange deposits increase, net reserves decrease

by kurfarki

According to the data announced weekly by the Central Bank of the Republic of Turkey, total foreign currency deposits increased by 1.71 billion in the week of May 6, adjusted for the parity effect. Compared to the previous week, foreign currency deposits of real persons increased by 406 million dollars, while foreign currency deposits of legal entities increased by 1.31 billion dollars.

 

An increase is observed in the foreign exchange demands of real and legal persons in the country. According to the data of the Central Bank of the Republic of Turkey (CBRT), FX deposits of domestic residents increased by 1.4 billion dollars in the week of May 6 to 215.2 billion dollars. In the week of May 6, it was observed that the deterioration in the CBRT reserves continued. Gross reserves rose to $107.7 billion, while net reserves fell from $17 billion to $15 billion. Net reserve, excluding swaps, fell to minus $48.3 billion, from minus $47.6 billion in the previous week.

 

At the current level, we will continue to follow the trends in the FX-linked product focused on dollarization, reserve cumulation and financial stability. In the BRSA data, we see that as of the week of May 6, there was a FX-linked deposit accumulation of 819.02 billion TRY. In addition, although a breakdown of FX and TRY accounts has not been published, we consider this distinction as 55% conversion from FX to TRY and 45% direct TRY account opening in line with the statements of the Ministry of Treasury and Finance. The financial dollarization rate is at the level of 55.29% as of the week of May 6, we see a slight increase from the rate that was 55.01% in the previous week. This rate was 55.1% in the same period of the previous year.

Kaynak Tera Yatırım
Hibya Haber Ajansı

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