Turks Switch Savings to U.S. Dollars as Local Currency Collapses

ISTANBUL—Turks deserted their nearby currency savings for U.S. pounds and other foreign-currency deposits in excess of fears about the country’s faltering economic system, propelling the Turkish lira to its worst slide in several years.

Households greater their deposits of foreign currency in Turkish banking institutions last 7 days via Nov. 19 by approximately $1 billion, in accordance to info launched by the Turkish central financial institution on Thursday. About 59% of retail financial institution deposits are now in foreign currencies, up from approximately fifty seven% the 7 days right before.