ISTANBUL: Turkish locals' holdings of foreign currencies and gold rose to a record high of $221.04 billion in the week to Oct. 30, extending a trend of dollarisation as the lira tumbled, central bank data showed on Thursday. The forex deposits and funds, including precious metals, held by local individuals and corporates was $220.68 billion a week earlier.
The lira touched fresh record lows against the dollar in recent weeks, in part due to Turks snapping up hard currencies and assets. Individuals alone held $137.93 billion last month, also a record high, the data showed. In the first 10 months of the year, Turkish locals' forex holdings rose by some $27 billion, from $193 billion at the end of 2019. The official data also showed the central bank's gross forex reserves edged down to $42.26 billion as of Oct 30, from $45.09 billion a week earlier.
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