Back to Turkish retail deposits
The Central Bank of Turkey’s surprise policy measures on Thursday almost made me forget that I was supposed to check FX retail deposits, to see if domestics had really bought a lot of FX during the (first!) lira tremors two weeks ago:
As you can see, there does not seem to be FX buying by domestics. Of course, these are the overall figures, so the buying my sources were talking about could have been balanced out by selling by others…
On the other hand, using banks’ off-balance sheet positions, we can see that hot money was getting out:
But now I need to wait and see for three more weeks to see how FX retail deposits behaved in the aftermath of Thursday’s interim MPC decision:(…
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