Foreign Currency Balance Sheets in Türkiye: Exposure and Interconnectedness

June 23, 2023

Preview Citation

Format: Chicago

Alex Pienkowski. Foreign Currency Balance Sheets in Türkiye: Exposure and Interconnectedness, (USA: International Monetary Fund, 2023) accessed December 22, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Financial statements, Foreign exchange, Public financial management (PFM)

Keywords: Aggregate FX exposure, Balance sheets, Currency risk, Financial statements, Foreign currency balance sheets, FX position, FX risk, Global, Position of the economy, Türkiye

Publication Details

Pages:

15
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2023/132
Stock No:

WPIEA2023132
ISBN:

9798400245879
ISSN:

1018-5941

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