Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

By bne IntelliNews December 8, 2017

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier.

The drop in the national lender’s foreign exchange reserves - the most substantial since the data was first made available 30 years ago - was largely down to banks using depo auctions and a change the central bank made in its required reserves last month, bankers told Reuters.

Bankers also said they expected the reserves to increase by at least $1.9bn this week due to banks’ use of forex depo auctions.

The central bank also reported an inflow of $70.7mn into Turkish equities in the week ending December 1. However, there was an outflow of $55mn from Turkish government debt securities in the same period.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Despite local elections defeat Erdogan “remains in control” at head of “super-executive regime”, says analyst

Despite his AKP party’s defeat in the weekend’s local elections, Turkish President ... more

Upcoming local elections in Turkey neither free nor fair says EU-Turkey Civic Commission

The upcoming March 31 local elections in Turkey will be neither free nor fair, according to the EU-Turkey Civic Commission (EUTCC), a non-governmental organisation (NGO) backed by Kurdish groups. ... ... more

Turkish footwear manufacturers step up investments in Uzbekistan’s leather and footwear industries

Turkish footwear manufacturers are stepping up their investments in Uzbekistan’s leather and footwear industries, according to local reports. A $1mn investment in the manufacture of leather, ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    6 days ago
  3. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  5. The models are wrong, climate change is accelerating faster than predicted
    1 day ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  4. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss