Turkish residents’ total FX deposits with local lenders declined by 2.37% w/w to $158.9bn as of July 13 from $162.7bn as of July 6, according to central bank data released on July 18.

The Turkish lira (TRY) was trading at 4.8198 against the USD, a weakening of 0.53% d/d, as of 17:00 local time on July 18, while the Istanbul stock exchange benchmark BIST-100 was up 0.68% to 92,947.

On July 11, the TRY fell to its weakest ever rate against the dollar. The rate of 4.9777 was recorded during late trading hours as investors fretted that a cabinet reshuffle, which saw the president's son-in-law made finance minister, might lead to economic mismanagement.

Residents’ FX deposits saw a record high of $170.4bn as of February 16 while they stood at $165.4bn as of end-2017.

The central bank data also showed that total FX deposits with Turkish banks declined to $194.8bn as of July 13 from $199.6bn as of July 6.

Total FX deposits stood at $201.1bn at end-2017 while they registered the record high level of $209bn as of February 16.

The central bank also announced on July 18 in a separate data release that Turkish equities experienced a net outflow of $193mn in the week ending July 13. That came on top of the $261mn outflows seen in the previous two weeks. 

Total outflows from the Istanbul stock exchange have amounted to $1.03bn since the beginning of 2018. The bourse's total equities inflow in 2017 topped $3.34bn, in line with the scope of portfolio inflows recorded for the emerging markets universe. The Istanbul bourse consequently saw many all-time highs last year.

The BIST-100 index stood at 115,333 at the end of 2017.

The latest central bank data on Turkish government debt securities, meanwhile, also showed an inflow, amounting to $49mn in the week to July 13.

Total inflows into government debt instruments have amounted to $350mn to date this year. There was an overall inflow of $7.13bn into debt securities in 2017.

The central bank's gross foreign exchange reserves declined from $79.1bn as of July 6 to $78.5bn as of July 13, the central bank also said on July 18 in another data release.

Gross FX reserves saw $75.6bn as of June 29, the lowest level seen since January 2012, while they stood at $84.1bn at end-2017.

The latest data further showed that the central bank's gold reserves rose from $22.9bn as of July 6 to $23.2bn as of July 13.

The gold reserves saw a record high of $25.72bn on March 23. They stood at $14.05bn at end-2016 and at $23.5bn at end-2017.

Consequently, total gross international reserves, including gold and FX reserves, declined from $102bn as of July 6 to $101.7bn as of July 13.

The total gross international reserves were at the level of $107.7bn at end-2017.