According to data from the Banking Regulation and Supervision Agency (BDDK), foreign currency deposits in Turkey increased by $1.4 billion on March 19, the day Istanbul Metropolitan Municipality Mayor Ekrem Imamoglu was detained. Political developments appeared to influence the savings preferences of depositors, while data from the previous week also became available.
BDDK data shows that on March 19, when Imamoglu was taken into custody, foreign currency deposits rose to $206.4 billion, marking a $1.4 billion increase.
On the same day, the USD/TRY exchange rate reached record levels, surging by 3.3%.
The Central Bank of the Republic of Turkey (TCMB) releases foreign currency deposit data on a weekly basis every Thursday, adjusted for exchange rate effects.
Source: Bloomberght/ Prepared by: İlayda Gök