Central Bank reserves reached an all-time high

The accumulation of reserves, which has not slowed down recently, has brought a record to the reserves of the Central Bank of the Republic of Turkey (CBRT).

GROSS RESERVES REACHED HISTORICAL PEAK

According to CBRT data, gross reserves reached their historical peak with 146.2 billion dollars in the week of June 7. The previous week, gross reserves were at 143.6 billion dollars.

SON RECORD IN DECEMBER 2023

The last record was broken in reserves with 145.5 billion dollars in December 2023. CBRT’s net reserves also increased from 45.46 billion dollars to 47.52 billion dollars in the same week.

RECOVERY IN NET RESERVES CONTINUES

The recovery continued in net reserves, excluding swaps, which moved into positive territory as of last week. In the week of June 7, net reserves excluding swaps increased to 5.9 billion dollars.

“HISTORICALLY HIGH LEVEL IN GROSS RESERVES”

Minister of Treasury and Finance Mehmet Şimşek, in his post on his social media account, said, “As of June 7, gross reserves increased to 146.2 billion dollars and net reserves excluding swaps increased to 6 billion dollars. The increase in net reserves excluding swaps since the beginning of April reached 71.5 billion dollars.

Exchange Rate Protected Deposit (KKM) stock decreased by 38.4 percent compared to August 2023, a decrease of 1.3 trillion TL. While the share of TL deposits in the total increased by 16.8 points, the share of KKM and foreign currency deposits decreased by 12.9 points and 3.8 points.

In addition to foreign resource inflow, reverse dollarization also contributed to the increase in reserves. “The macro-financial stability we strengthen by reducing vulnerabilities will provide significant support in achieving our goal of permanent price stability,” he said, describing the current situation.