How much have domestic residents’ foreign currency deposits been in the last week? By

© Reuters. – CBRT released statistics for the week ending March 12.

Which was $ 230.424 billion in the trading week of March 5 foreign currency deposit accounts of residents In the week of the transaction that ended on March 12, it decreased by $ 94 million to $ 230,330 billion.

Within accounts real person while its deposits, that is, household deposits, decreased by 322 million dollars to 146,613 billion dollars legal persons In other words, the deposits of companies increased by 228 million dollars to 83,716 billion dollars.

Foreign exchange deposit accounts do not directly mean that the individual or company buys or sells foreign currency, it shows the entries and exits from the accounts. When we look at this by calculating, in the last week, there has been a exit from the accounts of natural persons, while money has entered into the accounts of legal persons.

The change in foreign exchange deposits, which was calculated by the CBRT in mid-February, also in parity-adjusted terms, in the last week; 455 million dollars exit for natural persons and 227 million dollars for legal entities, with a total decrease of 195 million dollars.

The CBRT, which made a 200 bp interest rate increase today, also sees the start of reverse currency substitution, that is, the transition from foreign currency to TL, among its policy targets. Although the last week data shows a decline in currency accounts, it is early to say that this is the beginning of reverse substitution.

Author: Necdet Erginsoy

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