Most Turkey depositors returned to forex after leaving lira scheme

Initial data and senior bankers suggest that Turkish depositors have mostly converted their funds back to dollars, withdrawing from state depreciation-protected accounts, as Ankara begins winding down the scheme to protect deposits from currency depreciation.

reuters.com

Relevant topic timeline:

8/24/2023

Turkey makes bigger than expected interest rate hike, targets inflation

Turkey's central bank raises interest rates by 7.5 percentage points to 25%, signaling a shift away from previous policies focused on keeping rates low, which is well-received by investors and supports the troubled currency.

8/28/2023

After Turkey's giant rate hike, foreign investors mull return

Turkey's recent interest rate hike has caught the attention of foreign investors who may consider returning to Turkish assets if the country continues to demonstrate a commitment to orthodox monetary policy and economic stability.