Turkish locals’ forex and gold holdings dropped $5.04 billion in the week to Dec 23 when adjusted for the parity effect to stand at $194.44 billion, data from the central bank showed on Thursday.

Turkish local corporates sold $2.71 billion last week, parity adjusted central bank data showed, while individuals sold $2.33 billion in the same period.

Turkish locals’ forex and gold holdings hit a record high of $238.97 billion in December last year as Turks converted savings during a currency crisis that saw the lira lose 44 per cent against the dollar last year. The currency is down some 30 per cent this year.

The previous week, local forex holdings dipped below $200 bln, first time since May 2020.