The Turkish central bank’s net forex reserves rose some $2.5 billion from a historic low to stand at minus $3.17 billion as of June 9, data showed on Thursday, as Ankara loosened its grip on the forex market and the lira weakened sharply last week.
The central bank’s net reserves fell to minus $5.7 billion in the week to June 2, their lowest since the data began being published in 2002, as authorities sought to counter forex demand and stabilise the lira’s exchange rate.
The bank’s net reserves minus swap funds also rose to minus $59.9 billion from the previous week’s minus $61.2 billion.
The net reserves are down more than $30.5 billion since the end of 2022 and turned negative last month for the first time since the first five weeks of 2002.
The central bank’s forex reserves have sagged in recent years due to costly market interventions and other efforts to cool forex demand.
Demand for dollars in Turkey has surged to record levels in the weeks after the first round of elections on 14 May.
Source: Gerçek News
