03.04.2026 15:50
In March, inflation remained below expectations, while TL deposits became the only investment vehicle that provided real returns; on the other hand, gram gold stood out as the instrument that incurred the most losses with a double-digit decline.
After the inflation data for March announced by the Turkish Statistical Institute (TÜİK), the real returns of investment instruments have also become clear. Monthly inflation remained below the market expectation of 2.40% at 1.94%.
In global markets, the war in the Middle East was decisive for pricing in March. The closure of the Strait of Hormuz due to tensions between the US-Israel and Iran led to a sharp rise in oil prices. The price of Brent crude oil, which was $73.20 in February, increased by 41.40% to $103.50 in March.
CENTRAL BANK TIGHTENS, ESCALATION MOBILE ACTIVATED
In response to rising energy costs in the domestic market, the escalated mobile system for fuel was reactivated, while the Central Bank of the Republic of Turkey began to fund the market at 40%, drawing attention to tightening steps in monetary policy. These developments limited the pressure on inflation.
TL OUTPERFORMED IN NOMINAL RETURNS
When examining the nominal returns of investment instruments in March, TL deposits provided the highest return at 2.90%. While the dollar increased by 1.32%, the euro decreased by 0.93%. The Borsa Istanbul (BIST 100) recorded a decline of 6.76%, while gram gold lost 9.91% in value.
ONLY WINNER IN REAL RETURNS: TL
According to inflation-adjusted data, only TL deposits yielded profits for investors in March. TL deposits provided a real return of 0.94%, while the dollar experienced a real loss of 0.61%, the euro 2.82%, BIST 100 8.53%, and gram gold 11.62%.
DOUBLE-DIGIT LOSS IN GOLD
Gold investors experienced one of the sharpest losses in recent years. The 11.57% drop in the price of gold per ounce in global markets severely impacted gram gold as well.