Turks’ forex holdings drop to $194.44bn

ISTANBUL: Turkish locals’ forex and gold holdings dropped $5.04 billion in the week to Dec 23 when adjusted for the parity effect to stand at $194.44 billion, data from the central bank showed on Thursday.

Turkish local corporates sold $2.71 billion last week, parity adjusted central bank data showed, while individuals sold $2.33 billion in the same period.

Turkish locals’ forex and gold holdings hit a record high of $238.97 billion in December last year as Turks converted savings during a currency crisis that saw the lira lose 44% against the dollar last year. The currency is down some 30% this year.

The previous week, local forex holdings dipped below $200 bln, first time since May 2020.

Turkish lira steps back from record low against dollar