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.

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