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Foreign Currency Balance Sheets in Türkiye: Exposure and Interconnectedness

Author

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  • Alex Pienkowski

Abstract

As a heavily “dollarized” economy, large foreign currency mismatches exist between institutional sectors within Türkiye, as well as with non-residents. Combining several separate data sources, this working paper builds a picture of the aggregate FX exposure of the total economy. It explores the interlinkages between sectors and how they have evolved in recent years. Since the start of the pandemic, the overall net FX position of the economy deteriorated, and there has also been a considerable shift in FX risk from the private to the public sector. Especially for the central bank, this shift constrains policy space.

Suggested Citation

  • Alex Pienkowski, 2023. "Foreign Currency Balance Sheets in Türkiye: Exposure and Interconnectedness," IMF Working Papers 2023/132, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2023/132
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