Turkish cenbank’s net FX reserves rise to $9.12 bln

ISTANBUL, Aug 4 (Reuters) – The Turkish central bank’s net international reserves rose around $2.4 billion to $9.12 billion in the week to July 29, rising to their highest level in two months, data from the central bank showed on Thursday.

The exchange rate used by Reuters on Thursday was 17.9044. The net forex reserves dropped to $6.07 billion on July 8.

On Wednesday, Finance Minister Nureddin Nebati said foreign direct investment was flowing to Turkey and reserves data will show another jump in the coming week.

Forex reserves have dropped sharply in recent years, most recently due to the billions of dollars the bank sold in market interventions in the wake of a currency crisis in December.

The lira ended the year down 44% against the dollar in 2021, a slump which helped send inflation soaring to 78.62% in June, the highest under President Tayyip Erdogan’s rule.

The currency is down 26% against the greenback this year.

The central bank has met the market’s need for more than $30 billion of forex since December through its reserves, in addition to direct interventions in the forex market in 2019-2020, when it sold $128 billion to support the lira.

Its net forex reserves touched $19.13 billion on April 15 before beginning to decline again.

In past years, the bank used swaps with local banks to backstop interventions, an unorthodox policy that spooked foreign investors and local savers.

Data showed the bank’s outstanding swap transactions stood at $41.93 billion as of Wednesday. The reserves are in negative territory once the swaps are deducted.
































































Date


Net international reserves(mln lira)


Net international reserves (mln USD)


29-07-2022


163,261


9,118


22-07-2022


118,105


6,700


15-07-2022


110,970


6,356



08-07-2022


104,818


6,073


01-07-2022


125,185


7,514


24-06-2022


130,637


7,531


17-06-2022


127,601


7,381


10-06-2022


140,203


8,152


03-06-2022


172,885


10,517


27-05-2022


199,511


12,189


20-05-2022


152,223


9,561


13-05-2022


176,994


11,529


06-05-2022


222,391


14,995


29-04-2022


251,397


17,010


22-04-2022


251,640


17,165


15-04-2022


279,135


19,128


08-04-2022


269,590


18,303


01-04-2022


240,065


16,401


25-03-2022


236,508


15,955


18-03-2022


252,309


17,199


11-03-2022


233,847


15,861


04-03-2022


256,101


18,148


25-02-2022


258,873


18,119


18-02-2022


269,383


19,802


11-02-2022


214,035


15,817


04-02-2022


221,360


16,331


28-01-2022


143,166


10,532


21-01-2022


124,610


9,269


14-01-2022


102,192


7,547


07-01-2022


108,359


7,947


31-12-2021


108,219


8,339


24-12-2021


98,788


8,627


17-12-2021


185,009


12,162


10-12-2021


291,008


21,175


03-12-2021


301,225


22,468


25-11-2021


295,997


24,666


19-11-2021


269,339


25,181


12-11-2021


283,702


28,608


05-11-2021


308,620


31,855


29-10-2021


309,505


32,643


22-10-2021


301,043


32,420


15-10-2021


293,621


32,119


8-10-2021


262,343


29,607



1-10-2021


259,991


29,283



24-09-2021


263,467


30,429


17-09-2021


239,596


28,388


10-09-2021


244,346


28,864


03-09-2021


230,185


27,856


27-08-2021


221,063


26,449


20-08-2021


219,401


25,778


13-08-2021


206,721


24,115


06-08-2021


214,728


25,184


30-07-2021


209,197


24,619


23-07-2021


202,511


23,797


16-07-2021


207,890


24,138


09-07-2021


201,983


23,252


02-07-2021


177,271


20,430


25-12-2020


118,321


15,530


27-12-2019


243,910


41,130


28-12-2018


159,352


30,130


Note: The figures are released every week on the central bank balance sheet as per a letter of intent with the International Monetary Fund dated 18 January 2002. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank’s official exchange rate from the previous work day.

Reporting by Can Sezer; Writing by Ezgi Erkoyun; Editing by Daren Butler


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