The decline in foreign currency deposits in Turkey continues
The series of declines in foreign currency deposits continued last week, as well. Adjusted for the parity effect, the decline reached $ 14.5 billion in the last month. While the horizontal course of exchange rates continued, the downward trend in foreign currency deposits in banks continued last week.
There was a decrease of $ 1 billion in the week of November 25 and December 2 in the volume of foreign currency deposits which saw a decrease of $ 5.5 billion two weeks ago, as well.
The decrease in the volume of foreign currency deposits last week, adjusted for the parity effect, was 2.4 billion dollars, of which 2 billion dollars came from natural persons and the rest from legal entities.
Thus, in the last 1 month, a decrease of approximately 14.5 billion dollars was recorded in foreign currency deposits. The total foreign currency deposit volume decreased to 203.9 billion dollars as of December 2.
Last week, the volume of TL deposits in banks increased by TL 34 billion, and the volume of TL loans increased by TL 60.4 billion. The volume of foreign currency loans remained close to horizontal during this period. On the other hand, public deposits (Treasury’s deposits in the Central Bank) also increased by 55.3 billion TL.
The regulation stipulating that banks pay commission if they do not exceed 50 percent of the Central Bank’s TL deposit share also encourages banks to encourage their customers to switch to TL deposits or another vehicle.
IS THE MONEY GOING TO THE STOCK MARKET?
“Although the rate of increase in individuals’ TL deposits slowed down last week, it still indicates that some of the decrease in foreign currency deposits is going to TL deposits. On the other hand, considering the increase in the number of investors in the stock market, it is clear that some of this amount has also entered the stock market.”
SOURCE: sozcu.com.tr/2022/finans/doviz-mevduatta-dusus-devam-ediyor-7521529/?
