Turkey’s central bank names transition from dollars to liras as main goal for 2023

The Central Bank of Turkey intends to increase the share of lira deposits to 60% in the banking system in the first half of 2023. This is stated in the annual statement of the Central Bank, excerpts from which are given Bloomberg.

From the materials of the Turkish Central Bank it follows that at the moment the average share of the lira in bank deposits is 55%. A year ago, the share of the lira was 35%.

According to Bloomberg, Turkey’s monetary policy strategy for next year shows that regulators intend to encourage citizens to save in lira, and banks to hold long-term government bonds denominated in local currency.

This structure, the agency clarifies, allowed the Central Bank of Turkey to reduce the cost of borrowing, despite rising inflation in the country.

Formerly Turkish National Institute of Statistics informedthat in November, inflation in the country amounted to 84.39% against 85.51% in October. Decrease in inflation was recorded for the first time in the last year and a half. As of 15:11 Moscow time, the lira exchange rate is growing by +0.05%, at 18.72 per dollar.

Milena Kostereva