Economy

Turkish cenbank’s net FX reserves fall to $17 bln

(Reuters) – The Turkish central bank’s net international reserves dropped slightly to $17.01 billion in the week to April 29, data from the central bank showed on Thursday.

The exchange rate used by Reuters was 14.7798.

Forex reserves have dropped sharply in recent years, most recently due to the billions of dollars the bank sold in market interventions to stem a currency crisis in December and address what it called “unhealthy” prices.Report ad

The lira still ended the year down 44% against the dollar in 2021, a slump which helped send inflation soaring to 70% in April, the highest under President Tayyip Erdogan’s rule.

The central bank has met the market’s need for at least $30 billion of forex since December through its reserves, in addition to direct interventions in the forex market in 2019-2020, when it sold $128 billion to support the lira.Report ad

Its net forex reserves touched a record low of $7.55 billion before moving higher.

In past years, the bank used swaps with local banks to backstop interventions, an unorthodox policy that spooked foreign investors and local savers.

Data showed the bank’s outstanding swap transactions stood at $41.90 billion as of April 29. The reserves are in negative territory once the swaps are deducted.

DateNet international reserves(mln lira)Net international reserves (mln USD)
29-04-2022251,39717,010
22-04-2022251,64017,165
15-04-2022279,13519,128
08-04-2022269,59018,303
01-04-2022240,06516,401
25-03-2022236,50815,955
18-03-2022252,30917,199
11-03-2022233,84715,861
04-03-2022256,10118,148
25-02-2022258,87318,119
18-02-2022269,38319,802
11-02-2022214,03515,817
04-02-2022221,36016,331
28-01-2022143,16610,532
21-01-2022124,6109,269
14-01-2022102,1927,547
07-01-2022108,3597,947
31-12-2021108,2198,339
24-12-202198,7888,627
17-12-2021185,00912,162
10-12-2021291,00821,175
03-12-2021301,22522,468
25-11-2021295,99724,666
19-11-2021269,33925,181
12-11-2021283,70228,608
05-11-2021308,62031,855
29-10-2021309,50532,643
22-10-2021301,04332,420
15-10-2021293,62132,119
8-10-2021262,34329,607

1-10-2021
259,99129,283

24-09-2021
263,46730,429
17-09-2021239,59628,388
10-09-2021244,34628,864
03-09-2021230,18527,856
27-08-2021221,06326,449
20-08-2021219,40125,778
13-08-2021206,72124,115
06-08-2021214,72825,184
30-07-2021209,19724,619
23-07-2021202,51123,797
16-07-2021207,89024,138
09-07-2021201,98323,252
02-07-2021177,27120,430
25-12-2020118,32115,530
27-12-2019243,91041,130
28-12-2018159,35230,130

Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank’s official exchange rate from the previous work day.

Reporting by Ali Kucukgocmen; Editing by Tuvan Gumrukcu

Leave a Reply