March 12, 2020 / 11:48 AM / 23 days ago

Forex held by Turkish locals hits new record high -cenbank

ISTANBUL, March 12 (Reuters) - Foreign currency deposits and funds, including precious metals, held by Turkish individuals and corporates rose to a new record high of $201.7 billion as of March 6, central bank data showed on Thursday.

It stood at $199.74 billion a week earlier.

Turks have flocked to hard currencies since a currency crisis in 2018 sliced nearly 30% of the lira’s value against the dollar. A decline in recent weeks due to Turkey’s military involvement in Syria, as well as global concerns over the coronavirus, has driven locals to hard currencies and saw the data reach new record highs.

The central bank’s gross forex reserves fell to $75.14 billion as of March 6, from $77.41 billion a week earlier, data also showed. (Reporting by Ali Kucukgocmen Editing by Daren Butler)

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