Foreign Currency Deposits Plunge: Economic Crisis Ahead

Foreign Currency Deposits of Domestic Residents Decrease by $195.20 Million

In a recent report by the Central Bank of the Republic of Turkey, it was revealed that foreign currency deposits of domestic residents decreased by $195.20 million in just one week. The data showed a decrease from $176 billion 10.1 million to $175 billion 814.90 million in the week ending November 10.

The report also highlighted that foreign currency deposits of real persons decreased by $101 billion 250.80 million, a significant drop compared to the previous week. On the other hand, foreign currency deposits of legal entities increased by $562.50 million, reaching $74 billion 564.10 million.

When adjusted for the parity effect, the total foreign currency deposits of domestic residents increased by $403 million. However, foreign currency deposits of real persons decreased by $237 million, while foreign currency deposits of legal entities increased by $640 million.

This rapid decline in foreign currency deposits is an important economic indicator and may have implications for the country’s financial stability. It will be interesting to see how this trend develops in the coming weeks and what measures the government and central bank may take to address it.

 

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