Şimşek says de-dollarization gains momentum

ANKARA  

Treasury and Finance Minister Mehmet Şimşek has said Türkiye has made significant progress in the de-dollarization process thanks to increased predictability and stronger investor confidence.

The share of Turkish Lira deposits in total deposits has reached its highest level in 11 years despite multiple shocks, he said in a post on his social media account, commenting on the weekly monetary and banking statistics released by the Central Bank.

Şimşek said important progress had been achieved in encouraging a shift toward the lira as predictability improved and investor confidence strengthened.

“Despite multiple shocks, the share of Turkish lira deposits in total deposits has reached approximately 62 percent, the highest level in the last 11 years,” he noted.

Şimşek added that the government would continue implementing its policies to reinforce confidence in the lira, strengthen macro-financial stability and achieve price stability, which he described as a prerequisite for sustainable high growth.