TCMB FX Assets and Dollarisation Pressure Analysis

TCMB FX assets rose to US$164bn as of early June 2026, showing resilience against dollarisation pressure during a week of domestic political uncertainty. Total foreign outflows since the regional war began are estimated at US$21bn.

Key Takeaways

• 1.TCMB's FX assets increased by US$3bn (excluding gold valuation) to US$164bn as of June 3, recovering nearly half the decline seen since the CHP congress annulment.
• 2.Despite the court case regarding the CHP congress annulment, there was no significant dollarisation pressure, with FX deposits rising by only US$1bn.
• 3.Total foreign outflows since the start of the Iran war are estimated at US$21bn as of late May, primarily driven by debt markets.

Table of Contents

• Turkiye: TCMB FX Assets Increased by US$3bn Excl. Gold Valuation; No Dollarisation Pressure in the Week of the Court Case
• Exhibit 1: Breakdown of the TCMB's reserves
• Disclosure Appendix