The Central Bank of Turkey announced on Thursday that its net reserves excluding swaps stood at minus 48.1 billion dollars as of today. Net reserves amounted to 13.2 billion dollars, while gross foreign exchange reserves increased by 2.681 billion dollars to 69.836 billion dollars in the week ending on 14 July. Gold reserves decreased by 852 million dollars to 40.580 billion dollars in the same period.
The Central Bank’s total reserves increased by 1.829 billion dollars compared to the previous week, from 108.587 billion dollars to 110.416 billion dollars.
The increase in net reserves was due to the inflow of foreign currency from exports and other sources. The decrease in gold reserves was due to the sale of gold by the Central Bank to raise foreign currency.
The Central Bank said that the increase in net reserves was a positive development, but that it would continue to monitor the situation closely.
Source: Gerçek News
