Total size of Currency Protected Turkish Lira Deposit and Participation accounts recorded their first weekly decline in the week ending November 18.
According to the data announced by the Banking Regulation and Supervision Agency, the size of the Turkish Lira Deposit and Participation Accounts with Exchange Protection, which was TL 1.47 trillion in the week ending November 11, decreased to TL 1.46 trillion last week.
For a while, a horizontal movement was observed around the 18.60 level in the exchange rate.
A downward trend was also observed in the cost of currency-protected deposits to the budget. According to the budget statistics published by the Ministry of Treasury and Finance, the direct cost of currency-protected deposits to the budget was 6.7 billion TL in October. Thus, the lowest monthly cost of 5 months emerged.
As of October, the total burden of exchange-protected deposits on the Central Bank of the Republic of Turkey (CBRT), excluding cost and tax exemptions, reached 91.6 billion TL.
Treasury and Finance Minister Nureddin Nebati, in his presentation at the Parliamentary Plan and Budget Commission at the beginning of November, said that the cost of the exchange-protected deposit application to the CBRT could be lower than the 91.6 billion TL undertaken by the Treasury.
While Nebati said that the Central Bank of the Republic of Turkey system is different from the Treasury, so he could not disclose the figures, he pointed to the presentation that the bank will make to the commission on 2 December.