According to the data announced weekly by the Central Bank of the Republic of Turkey, total foreign currency deposits increased by 1 billion 156 million dollars in the week of March 25, adjusted for the parity effect. Compared to the previous week, foreign currency deposits of real persons decreased by 392 million dollars, while foreign currency deposits of legal entities increased by 1 billion 548 million dollars.
The rise in FX-protected deposits, which is one of the most important weekly data for reserves, continued. According to BRSA data, currency protected deposits rose to TRY 610.4 billion as of the week of March 25. According to Central Bank data, foreign currency deposits increased by $1.4 billion to $217.6 billion.
While foreign indifference continues along with geopolitical risks, it is seen that the exit momentum has slowed down a bit. The continuation of the recent deterioration in foreign trade due to increased energy imports does not give a positive projection in terms of net foreign exchange inflows to the country and causes the current account balance trends to deteriorate. We think that catalysts and investment attractiveness are needed in the economic and geopolitical conjuncture for foreign interest and positive activity effect on TRY assets.
At the current level, we will continue to monitor the trends in the FX-linked product, which is centered on dollarization and financial stabilization. In this context, we would like to state that we have not yet received a return signal from the Central Bank and the economy management in terms of the orthodox policy, in terms of the statements made and policy projections. The financial dollarization rate is at the level of 56.91% as of the week of March 25, we see a slight increase from the rate that was 56.61% in the previous week. This rate was at the level of 54.3% in the same period of the previous year.
Kaynak Tera Yatırım
Hibya Haber Ajansı
