Turks increase foreign currency deposits by $4.3 billion in a week

Turkish deposit holders increased their savings in foreign currency by $4.3 billion in a week as the lira slid against the dollar.

The deposits grew by 2.1 percent to $212.9 billion in the week ending July 30, according to central bank figures published on Friday. Lira deposits fell by 0.9 percent, it said.

The Turkish lira has lost almost 20 percent of its value this year and fell to a record low of 7.3677 per dollar on Friday. Demand for foreign currency is increasing after the central bank slashed lira interest rates to support economic stimulus by the government.

Foreign currency deposits now make up 49.4 percent of total deposits in Turkey, the central bank said.