No transition from foreign currency deposits to TL


According to BRSA data, foreign currency real person deposits were $163.5 billion on Monday and $163.7 billion on Tuesday and Wednesday last week. The data show that there is no transfer from local foreign currency deposits to TL in the first 3 days of the week.

Treasury and Finance Minister Nureddin Nebati said in the A Haber A Para joint broadcast yesterday, “The dollar was not sold that night. Public banks did not step in. No one stepped in. Individual sellers stepped in. They competed with each other.” Similar statements came from the banks association.

On the other hand, the foreign currency real person deposits data released today and for Thursday indicate a decrease of approximately 500 million dollars in related deposits to 163.2 billion dollars.

LIMITED NUMBERS

Banking sources who gave information to Reuters said that the number of people who changed their foreign currency accounts to exchange-protected TL accounts was limited so far, that the majority of the use of new products stemmed from TL deposits, and that they saw a 3-month concentration in maturity.

STRONG FALL IN THE CBRT’S RESERVES

Bankers, who Reuters referred to their calculations, calculated that the net international reserve of the CBRT excluding swaps decreased by approximately 8 billion dollars last week, and by approximately 17-18 billion dollars since the beginning of the month, when direct interventions started, most of it in the first two days of the week.

Bankers calculated a rise in reserves of around $1 billion on Friday, interpreting this as “stopping undisclosed indirect interference.” According to bankers, the increase experienced on Friday last week after the sharp decreases in the CBRT reserves may be a reflection of the deposits converted from foreign currency to TL or the rediscount credit return.

Also, according to Nabati, the historical record of 18.4 seen in the wolf is a “foam” and not all of the foam has disappeared. Nebati said last week, “The foam hasn’t gone yet, it’s starting to go away, we’re going somewhere,” and said that a currency should change in value as much as the inflation difference compared to another currency.

Nebati also said last week that they will soon announce a new package of measures that will surprise the market. Markets will closely monitor the new measures to be announced.

IT WILL DOWNLOAD BELOW 10 BILLION DOLLARS

According to the CBRT data, the net reserves of the bank decreased from $ 21 billion to $ 12 billion in the previous week. As of last night, bankers can now calculate the last week’s decline more clearly than the leading data. A total of 3 bankers, whose accounts Reuters consulted, calculate that the net reserves of the CBRT will fall from 12 billion dollars to less than 10 billion dollars.

REACHING 80 PERCENT OF VALUE GAINS EXPERIENCED

After rising to the level of 18.4 last week, Dollar/TRY realized a historical decline. TL gained 50 percent in one day and 80 percent in less than a week, thanks to the support that President Tayyip Erdogan announced after the cabinet meeting on Monday last week. Some of these gains have been reversed as of this week, but the currency is still trading below the 12 level.

LOSS OF VALUE IN TL 36 PERCENT

Despite such a sharp value gain in TL against the dollar, which is rarely seen in history, the loss has decreased from 56 percent to 36 percent since the beginning of the year.


Source: Cumhuriyet Gazetesi – Güncel by www.cumhuriyet.com.tr.

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