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Turkey: The parity effect on the decrease in foreign currency deposits

Bu haber 15 Nisan 2022 - 7:00 'de eklendi ve kez görüntülendi.

According to the weekly data of the Central Bank of the Republic of Turkey, total foreign currency deposits increased by 766 million dollars in the week of April 8, adjusted for the parity effect. Compared to the previous week, foreign currency deposits of real persons decreased by 303 million dolla…
According to the weekly data of the Central Bank of the Republic of Turkey, total foreign currency deposits increased by 766 million dollars in the week of April 8, adjusted for the parity effect. Compared to the previous week, foreign currency deposits of real persons decreased by 303 million dollars, while foreign currency deposits of legal entities increased by 1 billion 70 million dollars.   During the week of April 8, there was a decrease in foreign currency deposits. According to the data of the Central Bank of the Republic of Turkey (CBRT), foreign currency deposits of domestic residents decreased by 368 million dollars to 215.6 billion dollars. In the same week, it was observed that the increase in currency protected deposits continued. Accordingly, protected deposits rose from TL 695.7 billion to TRY 728.7 billion.   Increasing geopolitical risks after Russia's attack on Ukraine caused foreigners to continue their tendency to exit Turkish assets. The lira may remain in a downward trend after the central bank interest rate meeting, where policy makers keep interest rates constant. We think that the planning for the future policy path will also determine the value of the lira. Internal buffers may remain weak as consumer price inflation climbed over 60% in March and already had one of the worst real interest rates worldwide.   At the current level, we will continue to monitor the trends in the FX-linked product, which is centered on dollarization and financial stabilization. While waiting for the continuation of growth-oriented policies, it seems that the fight against inflation has been transferred to a large extent from monetary policy instruments to fiscal policy and liraization strategy. We have reservations about the impact of the liraization strategy, which includes price control mechanisms and TRY-based financial product incentives, on ensuring continuity. The financial dollarization rate is at the level of 56.22% as of the week of April 8, we see a slight decrease from the rate that was 56.52% in the previous week. This rate was at the level of 54.8% in the same period of the previous year. Kaynak Tera Yatırım Hibya Haber Ajansı