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Turkey Says Share of FX in Bank Deposits Fell by Over 10ppts

TURKEY
  • Total 591 billion liras in Turkey’s FX-protected bank accounts, Ministry of Treasury and Finance says
  • Accounts contributed to trust in currency
  • Share of FX in bank deposits fell by over 10ppts since accounts were introduced in March
  • Stability created by accounts has limited volatility caused by the Russia-Ukraine war and the Fed rate hike
  • Considering that the dollar / TL is around 14.80 liras, it is expected that the programme will cost the Treasury and the Central Bank 40-70 billion liras
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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