Turkish Fund Exodus Flowing Into Lira Deposits, Goldman Says
9 Articles
9 Articles
Goldman Sachs analysts stated that Turkish investors withdrawing from money market funds have transferred a large portion of their savings to Turkish lira deposits. According to the analysis, this trend occurred following the liquidation crisis experienced in the funds.
According to calculations by the global financial organization Goldman Sachs, the billions of liras of money market funds that have escaped from money market funds have largely gone to Turkish lira deposits instead of foreign currency.
Economy - While $4 billion flowed out of money market funds in Türkiye in September, Goldman Sachs stated that this money was primarily deposited in Turkish lira rather than in foreign currency or gold.
According to Goldman Sachs' analysis, money flowing out of money market funds in Türkiye has been directed not towards foreign currency or gold, but towards Turkish Lira deposits. The monthly increase in Turkish Lira deposits reached $20 billion.
The outflow of $4 billion from money market funds in the first two weeks of September had heightened concerns that the money might flow into foreign currency and gold. According to Goldman Sachs, the money withdrawn from the funds was mainly directed towards Turkish Lira deposits, with a monthly increase in lira-denominated deposits reaching approximately $20 billion.
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