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.

Related Articles

Four-fifths of economists in poll expect Turkey to hold interest rates at October 25 MPC meeting

Turkey’s central bank is likely to keep interest rates on hold at its monetary policy committee (MPC) meeting due on October 25, a Reuters poll showed on October 19. The Turkish lira (TRY) has ... more

Turkey switches to permanent daylight saving time

A presidential decree has made “GMT+3” the official permanent time zone of Turkey. The decree, published in the Official Gazette on October 2, revoked a cabinet ... more

Turkish markets rally but economy still seems set for severe recession: Capital

Turkish markets saw something of a rally last week, but the economy still seems headed for a severe recession, according to Capital Economics. Markets rallied amid ... more