According to the weekly data released by the Central Bank of the Republic of Turkey, total foreign currency deposits decreased by 4.12 billion dollars in the week of January 28, adjusted for the parity effect. Compared to the previous week, foreign currency deposits of resident real persons decreased by 2.69 billion dollars, while foreign currency deposits of domestic legal entities decreased by 1.42 billion dollars.
In the given week, the foreign exchange accounts of domestic residents decreased from $232.3 billion to $228.2 billion. On a parity-adjusted basis, the change was realized as a decrease of 2.19 billion dollars in FX accounts; 1.43 billion dollars in natural persons and 758 million dollars in legal persons.
We also monitor the foreign exchange-protected deposits, which are issued by the CBRT and the government with the commitment to compensate the losses arising from foreign exchange, in foreign currency. In this process, the financial product at the center of the lira investment incentive, the record increase in foreign currency accounts before it was introduced by President Mr. Recep Tayyip Erdoğan was replaced by stability after 20 December with the effect of partial cycles. In this context, we observed that TRY progressed in somewhat stable bands and lower and less volatile levels were observed in the exchange rate. Since the beginning of January, the withdrawal of foreign currency accounts, which started first with real persons, continues along with withdrawals from legal entities. In the last two weeks, we have seen some momentum gain in currency conversions or currency account reduction.
We understand that there is a desire to achieve financial stability and stabilization through increasing the use of lira-based products. For this reason, we will be monitoring the developments on the currency protected deposit product in terms of the de-dollarization process in the coming period. The main phenomenon regarding the stability and interest of Fatsa escort the lira will be the confidence in the value of the local currency and the uncertainties regarding the interest policy. The financial dollarization rate is at the level of 60.97% as of the week of January 28, we see a slight decrease from the rate that was 61.46% in the previous week. This rate was 55.2% in the same period of the previous year.
Kaynak Tera Yatırım-Enver Erkan
Hibya Haber Ajansı
Kaynak: Hibya Haber Ajansı