Domestic Residents' Accounts Increased by $ 2 Billion

Domestic Residents' Accounts Increased by $ 2 Billion

Domestic residents' accounts reached a record by increasing $ 2 billion in the last week of February. The Central Bank of the Republic of Turkey offered weekly money and banking statistics. According to the data of the center; CBRT's gross foreign exchange reserves, which were $ 75.47 billion in the week of February 14, fell to $ 73.02 billion in the transaction week ended on February 21. Net international reserves, which rose from $ 35.91 billion to $ 37.62 billion in the week of February 14, fell to $ 34.55 billion in the February 21 trading week. The total reserve of the center, which was 104.1 billion dollars in the week of 14 February, decreased to 102.7 billion dollars in the transaction week that ended on February 21. The gold reserve, which rose from $ 28.30 billion to $ 28.59 billion last week, rose to $ 29.65 billion in the trading week ended on February 21. The foreign currency deposit accounts of domestic residents, which fell by $ 379 million to $ 195,678 billion in the transaction week ended on February 14, broke a historical record on February 21 with $ 197,693 billion. The record-breaking deposit accounts with $ 197,122 billion in the transaction week of January 17, decreased to $ 195,678 billion in the following weeks. In the last week, deposit accounts broke a record by increasing $ 2 billion. Deposits of natural persons in the accounts were $ 122,292 billion and accounts of legal entities were $ 75,400 billion. The CBRT's continued interest rate cut and lower deposit interest rates in banks strengthen foreign exchange purchases. In their recent reports, Fitch and Moody emphasized that negative interest could negatively affect the credibility of the center and that less interest on lira deposits could lead to higher dollarization in the economy. Foreign investors have sold net worth of 588 million dollars in the last week.