Economics
Turks Love the Dollar More Than Ever
- Local deposits turn less attractive amid low yields, inflation
- Investors moving money from currency markets to Eurobonds
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Turks are more in love with the dollar than ever before.
Households and other retail investors in Turkey have long been saving in the U.S. currency, but now they’re finding newer ways of boosting returns. This year alone, they’ve poured $4 billion into the country’s foreign-currency bonds, taking local ownership to an unprecedented $17.1 billion, according to central bank data.