Foreign currency accounts domestically climb to the highest level in the last two months By

© Reuters. – CBRT released last week’s securities statistics. According to the data;

Foreign currency deposit accounts of residents In the last week, it increased by 1 billion 804 million dollars and reached 226 billion 631 million dollars. Within accounts deposits of natural persons While increasing by 1 billion dollars deposits of legal persons also increased by $ 804 million. Total deposits peaked after the week of March 19. Foreign exchange deposits, which were $ 232.611 billion in the week of the dismissal of the CBRT, declined to $ 221.201 billion on the week of April 2 with profit sales due to the rapid increase in exchange rates.

Foreign currency deposits declined somewhat after breaking a record by approaching $ 236 billion in 2020, but with the rise in exchange rates again, there was an increase in deposits. Although the amount on the week of May 7 is the highest figure in the last two months, it shows that the reverse dollarization, that is, the transition from foreign currency to TL, has not started.

The CBRT expects to maintain its above-inflation interest rate policy and to reach the low inflation target in the medium-long term, and in this process, the exchange rate from foreign exchange to domestic currency will increase. The latest figures and exchange rates show that the demand for foreign currency continues.

Author: Necdet Erginsoy

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