According to the weekly data released by the Central Bank of the Republic of Turkey, total foreign currency deposits decreased by 1 billion 534 million dollars in the week of April 1, adjusted for the parity effect. Compared to the previous week, foreign currency deposits of real persons decreased by 281 million dollars, while foreign currency deposits of legal entities decreased by 1 billion 252 million dollars.

 

Deposits of residents in Turkey fell after three weeks. According to the Central Bank of the Republic of Turkey (CBRT) data, in the week of April 1, the FX deposits of domestic residents decreased by 1.63 billion dollars on a headline basis and became 215.9 billion dollars. According to the data of the Banking Regulation and Supervision Agency, the size of deposits protected by foreign currency rose to TRY 695.69 billion.

 

With the geopolitical risks, the foreign outflow seems to have stagnated. Following the Fed's hawkish statements, the Turkish lira depreciated against the dollar, along with most emerging market currencies. The rally in stocks continues from where it left off. 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. We do not expect any interest rate changes at the meeting of the Central Bank next week. The financial dollarization rate is at the level of 56.52% as of the week of April 1, we see a slight increase from the rate that was 56.92% in the previous week. This rate was at the level of 54.7% in the same period of the previous year.

Kaynak Tera Yatırım
Hibya Haber Ajansı