Domestic residents spent the last weeks of the year with a rapid dissolution in foreign currency deposits. According to the Central Bank data, the foreign currency deposits of the citizens fell to the lowest level after 13 September 2019 with 191.9 billion dollars.
The horizontal course in Dolan/TL, the limit of foreign currency deposits in the use of loans to companies, the efforts to reach the target rate of 50 percent in TL deposits for the banking sector, and the stock market investments, which stood out due to high inflation, provided a rapid resolution in the foreign currency deposits of domestic residents in the last weeks of the year. According to the Central Bank data, as of December 30, 2022, foreign currency deposits of domestic residents decreased by 3 billion 69 million dollars, adjusted for the parity effect. The size of foreign currency deposits in banks decreased to 191 billion 944 million dollars as of 30 December, the lowest level since 13 September 2019.
According to the weekly data of the Central Bank, there has been a dissolution in foreign currency deposits since November 11, 2022, adjusted for the parity effect. In the week of November 11, adjusted for the parity effect, foreign currency deposits of real persons decreased by 2.2 billion dollars, while foreign currency deposits of legal entities decreased by 1.5 billion dollars and decreased by 3.7 billion dollars in total. In the week of November 18, there was a decrease of 3.02 billion dollars, 1.48 billion dollars in real persons and 1.54 billion dollars in legal persons. While the highest decrease of the last period was experienced with 5 billion 534 million dollars in the week of 25 November, a decrease of 2.64 billion dollars was observed in the week of 9 December, 2.42 billion dollars in the week of 16 December and 5 billion dollars in the week of 23 December. With the decrease of more than 3 billion dollars in the last week of the year, the decrease in foreign currency deposits in the last 8 weeks, adjusted for the parity effect, reached 25.3 billion dollars.
Stock exchange and housing from DTH
According to the information given by the experts, the horizontal course of the dollar/TL, the problems faced by the companies in their loan demands and the TL deposit target of the banks were the main reasons for the decrease in foreign currency deposits. Experts, who expect this situation to continue at least until the elections, stated that some of the amount of foreign currency deposits is directed to the stock market and some to the purchase of housing and vehicles. Experts reminded that the real estate market has been very active in recent weeks, especially due to the upward effect of the housing campaign announced at the beginning of the year. Experts stated that the exchange rate will continue to dissolve in foreign currency deposits, since the exchange rate is likely to go like this until the election.
As of December 30, 2022, looking at the data, foreign currency deposits of real persons decreased by 637 million dollars, adjusted for parity effect, while foreign currency deposits of legal entities decreased by 2 billion 432 million dollars. 1 billion 98 million dollars in dollar-denominated foreign currency deposits of legal entities, and 1 billion 294 million dollars in Euro-denominated foreign currency deposits, adjusted for parity effect.
A decrease of 47.9 billion liras in one week in KKM
According to the weekly data of the Banking Regulation and Supervision Agency, Currency Protected Deposits declined sharply in the last week of the year. KKM accounts, which were at the level of 1 trillion 463 billion 203 million liras in the week of 23 December, decreased to 1 trillion 415 billion 302 million liras in the week of 30 December. Thus, the solution in 1 week was 47 billion 901 million liras.
Sebnem Turhan/My Economy