FX Deposits in Turkey Surge by $1.9 Billion in One Week

Foreign currency deposits held by residents in Turkey rose significantly during the week ending July 18, 2025, increasing by $1.93 billion, according to data released by the Central Bank of the Republic of Turkey (CBRT).

The total FX deposits of domestic residents climbed from $192.11 billion to $194.04 billion in just one week. The breakdown shows that:

• Individual (real person) accounts saw a modest increase of $167.21 million, reaching $118.31 billion.

• Corporate (legal person) accounts surged by a substantial $1.76 billion, totaling $75.74 billion.

When adjusted for exchange rate (parity) effects, the overall rise in foreign currency deposits amounted to $1.99 billion. Within this adjusted figure:

• Real persons’ deposits rose by $112.52 million,

• Legal persons’ deposits jumped by $1.88 billion.

Corporate Demand Drives Foreign Currency Surge

The sharp rise in corporate FX holdings suggests a heightened demand for dollar-based assets, likely driven by hedging strategies amid ongoing economic volatility. Meanwhile, individuals showed cautious accumulation, possibly reflecting uncertainty in the domestic currency’s outlook.

The weekly data indicates growing reliance on foreign currency instruments by both individuals and businesses in Turkey, reinforcing trends in dollarization despite recent efforts by monetary authorities to stabilize the Turkish lira.