Turks held forex worth $200 bln as of May 29: report

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AFP PHOTO / OZAN KOSE

Foreign currency deposits and funds, including precious metals, held by Turkish individuals and companies rose to $200.21 billion as of May 29, edging closer to a record high of $201.7 billion, central bank data showed on Thursday, Reuters reported.

They stood at $199.29 billion a week earlier, the data showed.

Turks have flocked to hard currencies since a currency crisis in 2018 that saw the lira lose nearly 30 percent of its value against the dollar. Locals’ forex holdings hit a record high in March and entered a brief declining trend before reversing course in recent weeks.

Foreign investors sold $160.8 million worth of Turkish stocks in the week to May 29, while the Turkish government bonds they held declined by $97.2 million in the same week.

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