Goldman Sachs Group Inc. analysts said Turkish investors exiting money market funds during a redemption crisis are most likely transferring a majority of their savings to lira deposits.

Money markets saw $1.8 billion worth of outflows in the week to Sept. 11, bringing the total decline in such funds to $4 billion in the first two weeks of the month, Goldman economists Clemens Grafe and Basak Edizgil wrote on Sept. 21.

Lira deposits, meanwhile, have increased by $12 billion as of Sept. 15, far outpacing the inflows to FX and gold deposits in the banking system on a valuation-adjusted basis, they said.