BY ALAATTIN AKTAS
After the foreign exchange (FX) rates sharply increased, we created the FX-protected TRY deposit account (KKM), although it had “small problems” such as placing a big burden on the budget. And we simultaneously reduced FX rates by pressuring the market as much as possible with FX sales. The pressure was applied until we sold all that we had.
We’ve all been watching what has been going on for the last week. FX rates increase each passing day. Undoubtedly external factors play a role in this; however, the main reason is bad decisions.
Since no long-term measures can be taken, and no novels to be read by all can be written, we’re writing a story. The KKM was a story. A story that will endure until we have FX thanks to tourism. But we’ve consumed it for now – we read it too quickly!
Now, a new story should be written.
But no story can be written using our vocabulary anymore.
Now all we have is a tall tale!
The residential support package, which has been wrapped well, is our last tall tale.
It has three legs. The first leg, which enables buying a new home with an interest rate of 0.99%, is completely problematic!
The goal is to obtain resources through the loan, which will be provided through the second leg: The exchange of physical gold or FX.
Of course, there is also the issue of transfer of funds. This is the sine qua non of such packages!
But this package isn’t even a story, as it is far too short.
It has already been read.
How many people can seize this opportunity and become a homeowner in terms of their income level?
KKM out, FX deposit accounts in – again!
As the KKM story has ended too soon, people have returned to the novel that they have already read: FX deposit accounts (DTH).
The KKM and DTH have already acted in a backward manner, in a sense. People and companies exchanged their DTH and headed for the KKM.
The KKM has lost its charm.
The total amount in the KKM has risen by 12% from TRY 729bn to TRY 819bn in the last month. However, the surge was around 35% the month before.
The old surge in the KKM has certainly disappeared. The hike in DTH is an indicator that the KKM has fallen from favor.
The rapid decrease in DTH that continued between the start of the year and March 4 has stopped. An upward and downward course from week to week has emerged.
DTH rose by USD 1.7bn in the week ending on May 6, according to the parity adjusted data. USD 1.3bn stemmed from the FX purchases of legal persons while real persons bought USD 406m of FX.
