La de-dollarizzazione della Turchia avanza mentre i depositi in lire raggiungono il massimo degli ultimi 11 anni

Treasury and Finance Minister Mehmet Şimşek highlighted recent advancements in Turkey’s efforts to reduce reliance on the US dollar, emphasizing a notable increase in the proportion of Turkish lira deposits within the country’s financial system. According to data published by the Central Bank, the share of Turkish lira deposits in total bank deposits has reached its highest level in over 11 years, standing at approximately 62%. This marks a significant milestone in the nation’s broader strategy to promote financial independence and stabilize the economy amid ongoing economic challenges. The progress in de-dollarization was attributed to several factors, including enhanced policy predictability and growing investor confidence. These elements have played a crucial role in shifting more capital into local currency instruments, thereby reducing dependence on foreign currencies such as the US dollar. Despite facing multiple economic shocks, the Turkish lira has managed to gain traction among investors and depositors, reflecting a gradual but steady movement away from traditional dollar-based savings. The latest figures show that the share of lira deposits has risen significantly from around 31.6% in August 2023 to nearly 62% currently. This represents a substantial shift in the composition of bank deposits, indicating a growing preference for domestic currency among both individuals and institutions. While the overall volume of total deposits in the banking sector slightly decreased by 0.82%, the decline in lira-denominated deposits was more pronounced, dropping by 2.4% to TL 17.10 trillion. In contrast, foreign currency deposits saw a marginal increase of 0.02%, reaching TL 10.13 trillion. The Central Bank also reported that total foreign currency holdings among domestic residents amounted to $256.9 billion, with $217.7 billion specifically held in foreign currencies. When adjusted for exchange rate fluctuations, these holdings experienced a decrease of $3.25 billion during the reporting period. Meanwhile, the country’s gross international reserves increased by $10.49 billion, reaching $159.69 billion. This expansion in reserves was driven by increases in both gross foreign exchange reserves and gold reserves, which grew by $7.70 billion and $2.79 billion respectively, bringing them to $61.95 billion and $97.74 billion. These developments underscore the complex interplay between monetary policy, market dynamics, and global economic conditions. As Turkey continues to navigate inflationary pressures and external economic uncertainties, maintaining macroeconomic stability remains a top priority. Şimşek emphasized that reinforcing confidence in the lira is essential for achieving sustainable economic growth, underscoring the importance of continued policy consistency and effective communication with both domestic and international stakeholders. Looking ahead, the focus will likely remain on sustaining this upward trend in lira usage while addressing underlying structural issues that could affect long-term economic resilience. The government’s commitment to price stability and macro-financial stability will be critical in ensuring that the current momentum in de-dollarization translates into lasting economic benefits for all segments of society.