ISTANBUL: Turkish locals’ foreign exchange and gold holdings rose $919 million when adjusted for the parity effect to $216.11 billion in the week to March 11, data showed on Thursday, with corporates buying more foreign currencies as individuals sold them off.

Corporates bought $1.8 billion of foreign currencies when adjusted for the parity effect, reversing a declining trend in recent weeks, while individuals sold $895 million, central bank data show.

Locals’ forex and gold holdings hit a record high of $238.97 billion in December as Turks converted savings during a currency crisis that saw the lira lose 44% of its value against the dollar last year.

They stood at $214.14 billion on March 4.

Authorities have been urging corporates to convert their foreign exchange savings under a scheme that protects lira deposits against depreciation. The scheme was announced in December to stem the currency crisis and reverse a years-long dollarisation trend.