Residents’ FX Deposits Rise by $479 Million, Corporates Drive the Increase
Dollar Millionaires
According to data released by the Central Bank of the Republic of Türkiye (CBRT), the foreign currency (FX) deposits held by domestic residents rose by $479.2 million in the week ending June 27, reaching a total of $194.13 billion, up from $193.65 billion the previous week.
This uptick was entirely driven by corporate accounts, as individuals reduced their FX holdings while companies significantly increased theirs.
Corporates Boost FX, Individuals Reduce Holdings
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Real persons’ FX deposits decreased by $729.87 million, falling to $118.03 billion
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Legal entities (corporates) increased their FX deposits by $1.21 billion, reaching $76.11 billion
Adjusted for Parity Effects: Corporate Appetite Even Stronger
When adjusted for currency exchange rate effects, total FX deposits rose by $677.15 million:
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Individuals’ FX holdings fell by $50.79 million
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Corporates’ FX holdings increased by $729.95 million
These figures suggest a renewed corporate demand for foreign currency, possibly linked to hedging strategies or external payment obligations, while households appear to be gradually reducing their dollarization.