The first quarter of the year was challenging for assets denominated in Turkish Lira. However, the winner of this period was gold. Turkish Lira assets faced a tough first quarter. The positive trend that had been ongoing since June 2023 in TL-denominated assets turned negative towards the end of March. The fluctuations in the TL increased following the detention orders towards Istanbul Metropolitan Municipality on March 19th. The Central Bank, Banking Regulation and Supervision Agency (BRSA), and Capital Markets Board (CMB) intervened in the process with the measures they took. While the stock market was supported by equity purchases from the sovereign wealth fund, the Central Bank attempted to balance the exchange rate with its foreign exchange sales. Gold rose by 28.59% in three months. There was a 21% increase in the two-year bond interest rates. The increase in the Euro exchange rate was 11.92%, and for the US dollar, it was 7.28%. During this period, the Istanbul stock market led investors to lose 1.74%. The rising interest rates due to sell-offs in the bond market also resulted in yield loss in the money market funds. There was an outflow of 456.5 billion lira from the money market funds. The share of TL deposits declined by more than 1 percentage point, while there was a $5.9 billion increase in foreign currency deposits.