FX Deposits in Türkiye Drop by $382 Million as Corporates Lead the Decline

Domestic residents in Türkiye continued to reduce their foreign currency (FX) holdings, with the total FX deposits falling by $382.53 million in the week ending May 9, according to data released by the Central Bank of the Republic of Türkiye (CBRT).

The total amount of FX deposits held by Turkish residents decreased from $193.51 billion to $193.13 billion, as individuals and corporations adjusted their positions amid evolving market dynamics.

Individuals Slightly Increase, Corporates Drive the Drop

While individual (real person) FX deposits rose modestly by $14.54 million, reaching $118.78 billion, corporate (legal person) FX deposits dropped sharply by $397.07 million, settling at $74.35 billion.

Adjusted for Parity: Over $710 Million in Net Outflows

When adjusted for parity effects (i.e., changes due to exchange rate fluctuations), the total decline in FX deposits becomes even more pronounced, registering a net outflow of $710.69 million.

• Real persons’ deposits fell by $496.76 million

• Legal persons’ deposits declined by $213.93 million

This data signals a significant withdrawal of foreign currency assets, particularly among businesses, possibly indicating shifting expectations around the Turkish lira, interest rate environment, or external economic conditions.

The continued move away from FX holdings could be seen as a sign of growing confidence in the lira or a response to regulatory and monetary policy signals aimed at promoting de-dollarization in the Turkish economy.