Turks increasingly prefer foreign currencies over lira in last 26 weeks: report

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AFP PHOTO / OZAN KOSE

Turks held some $115.5 billion in foreign currencies in their bank accounts as of July 5, according to central bank data, indicating a solid 26-week increase since October, the Diken news website reported.

Turkey suffered a currency crisis in the summer of 2018, when the lira lost some 40 percent of its value against the US dollar.

In recent local elections the ruling party lost in large cities, including İstanbul and Ankara, although it managed to garner some 52 percent of the overall vote with the help of its ally, the Nationalist Movement Party (MHP).

The lira stood at 5.48 against the dollar on March 31.

Although it fell below 6 to the dollar in mid-May, the lira today is valued at around 5.66.

Turkey’s central bank has taken steps to dissuade the public from accumulating foreign currency.

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