Forex held by Turkish locals rises to $188.97bn as of Aug. 30

Parvez Jabri September 5, 2019

ISTANBUL: Forex deposits and funds including precious metals of Turkish local individuals and corporates rose slightly in the week to Aug. 30 to stand at $188.97 billion, data from the central bank showed on Thursday.

Economists have been concerned by Turks flocking to the dollar and other currencies in the wake of last year’s currency crisis that saw the lira lose nearly 30% against the dollar. Forex held by Turkish locals had risen to a record high of $190.51 billion as of Aug. 16.

The central bank’s gross forex reserves stood at $75.8 billion as of Aug. 29, down from $76.83 billion a week earlier, the data showed.

Copyright Reuters, 2019

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