ISTANBUL: Turkish locals’ foreign exchange and gold holdings dropped $1.53 billion when adjusted for the parity effect to $215.98 billion in the week to April 1, data showed on Thursday.

Corporates sold $1.25 billion of foreign currencies when adjusted for the parity effect, while individuals sold $281 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.

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They stood at $217.61 billion on March 25.

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.