Foreign exchange sales of companies in Turkey lose momentum

In the eighth week of exchange rate protected deposits (KKM), the total foreign exchange deposits of domestic residents decreased by $ 2.14 billion in parity-adjusted form

The decline in the seventh week was realized at the level of $ 5.1 billion in parity-adjusted form, and strong sales from companies were effective in this result.

The AKP government had activated exchange rate protected deposit (KKM) system on December 20 in order to ‘overcome the dollarization‘ after the dollar/TL reached its historical level by exceeding 18. The system is based on the fact that the difference is paid by the state to participants holding TL in KKMS in the event of an increase in the foreign currency. Participants can also get an interest rate return of up to three percentage points above the MB’s policy interest of 14 percent for TL deposits.

As of the eighth week of KKM, there is a decrease of 680 million dollars in the foreign exchange account of natural persons, i.e. citizens, free of parity.

This figure is 1.45 billion dollars as far as companies are concerned.