Skip to content
News from Turkey

Turkish Firms Shift Away from Dollar Hoarding, Imports Drive FX Demand

dollar

A new study by the Central Bank of the Republic of Türkiye (CBRT) shows that real sector companies are abandoning their long-standing habit of foreign currency accumulation. Instead, import-driven needs are now the primary factor shaping demand for foreign exchange.

Declining Foreign Currency Deposits

The analysis, authored by CBRT officials Kadri Gürcü, Muhammed Furkan Erdoğan, Ömer Faruk Karaahmetoğlu and Süleyman Kutalmış Özcan, highlights a dramatic shift. The share of companies’ foreign currency deposits fell from 60.7% in June 2023 to 35% by June 2025, cutting the ratio nearly in half within two years.

From Net Buyers to Net Sellers

The report emphasizes that while net exporters continue contributing to FX supply, the real sector as a whole has turned into a net foreign currency seller over the past year. This trend slowed briefly after the exchange rate volatility in March, but companies remain overall FX suppliers.

Import-Heavy Sectors Take the Lead

Meanwhile, import-intensive industries have become the main drivers of FX demand. Energy, automobile trade, steel, chemicals, and telecommunications firms were listed as the top buyers in the last 12 months. Their demand raised the share of import-related FX purchases from an average of 57% in 2021–2023 to 65% during the tightening period.

Why It Matters

According to the CBRT study, firms’ foreign currency needs stem from import payments, debt obligations, hedging against volatility, and investment preferences. However, the sharp drop in FX deposits shows that hoarding is no longer a strategy. Instead, FX flows are now dictated by real trade obligations.

Key Takeaway

The findings underline a structural transformation:

  • Net exporters: Selling more FX, contributing to market supply.

  • Net importers: Keeping up steady demand, especially in strategic sectors.

This change, the CBRT notes, highlights the importance of import-related transactions in shaping Türkiye’s foreign exchange dynamics.

Related articles