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TL Deposits Yield Highest Monthly Real Return in May 2025, Gold Tops Long-Term Performance

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According to the Turkish Statistical Institute (TÜİK), Turkish lira time deposits (gross) delivered the highest real monthly return in May 2025, when adjusted for both inflation indices. The report, titled “Real Return Rates of Financial Investment Instruments”, presents a comparative analysis of key investment tools against consumer price index (TÜFE) and domestic producer price index (Yİ-ÜFE) metrics.

May 2025: Time Deposits Lead Monthly Real Returns

  • When adjusted for TÜFE, time deposits (gross) yielded a real monthly return of 1.8%, leading all other financial assets.

  • When adjusted for Yİ-ÜFE, time deposits also outperformed, returning 0.86% in real terms.

Other key monthly performers:

TÜFE-adjusted:

  • Gold (bullion): +1.74%

  • Government bonds (DİBS): +1.57%

  • Euro: +0.56%

  • US dollar: +0.23%

  • BIST 100 Index: –1.53% (biggest loser)

Yİ-ÜFE-adjusted:

  • Gold: +0.80%

  • DİBS: +0.62%

  • Euro: +0.37%

  • US dollar: –0.70%

  • BIST 100 Index: –2.44%

Gold Dominates in Medium- and Long-Term Returns

3-Month Performance:

  • Gold yielded the highest real return:

    • +13% (TÜFE-adjusted)

    • +12.83% (Yİ-ÜFE-adjusted)

  • BIST 100 was the worst performer:

    • –10.55% (TÜFE-adjusted)

    • –10.68% (Yİ-ÜFE-adjusted)

6-Month Performance:

  • Gold again led:

    • +16.85% (TÜFE)

    • +19.84% (Yİ-ÜFE)

  • BIST 100 Index posted the steepest losses:

    • –13.13% (TÜFE)

    • –10.91% (Yİ-ÜFE)

Annual Returns: Gold Still King, BIST the Biggest Loser

Top Performer – Gold:

  • +24.87% (TÜFE-adjusted real return)

  • +37.32% (Yİ-ÜFE-adjusted)

Time Deposits (gross):

  • +5.83% (TÜFE-adjusted)

  • +16.38% (Yİ-ÜFE-adjusted)

Others:

  • Euro:

    • +1.98% (Yİ-ÜFE),

    • –7.27% (TÜFE)

  • US Dollar:

    • –2.28% (Yİ-ÜFE),

    • –11.14% (TÜFE)

  • Government Bonds (DİBS):

    • –0.68% (Yİ-ÜFE),

    • –9.68% (TÜFE)

  • BIST 100 Index:

    • –27.26% (Yİ-ÜFE),

    • –33.85% (TÜFE) – the worst performer by far

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