ISTANBUL: Turkish locals’ foreign exchange and gold holdings edged down to $215.62 billion in the week to April 8, data showed on Thursday, but they rose $766 million when adjusted for the parity effect with corporates dumping the lira.

Corporates bought $1.07 billion of foreign currencies when adjusted for the parity effect, while individuals sold $303 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 $215.98 billion on April 1.

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.