Turkish Lira Continued to Lose Value

The Turkish Lira continued to lose value. Today, when domestic markets are closed, TL continued to be suppressed.

As the domestic markets were closed due to April 23 National Sovereignty and Children's Day, the TL continued to be suppressed in the ongoing transactions in global markets. In global markets, starting the day at the level of 8.32, the USD/TL exchange rate tested above 8.39. The Bloomberg Dollar Index, on the other hand, fell after US President Biden's press coverage of capital gains taxation. While the currencies of many countries appreciated against the US dollar, the Turkish Lira could not leave the negative zone with the Thai baht.

Foreign Exchange Deposits Continue to Increase

The increase in foreign exchange deposits continued in the week of April 16. According to the data of the Central Bank of the Republic of Turkey (TCMB), foreign currency deposits of domestic residents increased by 2.2 billion dollars in the week of April 16 and reached 225.2 billion dollars. According to the data not based on the parity effect, the increase in foreign exchange deposits was recorded as 1.4 billion dollars in the week of April 6. In the data not based on the parity effect, foreign exchange deposits of real persons increased by 257 million dollars, while foreign exchange deposits of legal entities increased by 1.1 billion dollars. Following the change of the CBRT governor, after the rise in the exchange rate, foreign exchange deposits declined from $ 232 billion to $ 221 billion.