ISTANBUL: Turkish locals’ foreign exchange and gold holdings rose $780 million when adjusted for the parity effect to $216.73 billion in the week to April 15, data showed on Thursday.

Corporates bought $956 million of foreign currencies when adjusted for the parity effect, while individuals sold $175 million, central bank data show.

Locals’ forex and gold holdings hit a record high of $238.97 billion in December as Turks converted savings during a currency crisis that saw the lira lose 44% of its value against the dollar last year.

Authorities have urged corporates to convert their foreign exchange savings under a scheme that protects lira deposits against depreciation. The scheme was announced in December to stem the currency crisis and reverse a years-long dollarisation trend.