Şimşek: CBRT reserves rise to the level of 115.6 billion US Dollars

Mehmet Şimşek

Minister of Treasury and Finance, Mehmet Şimşek, made a statement on the reserves of the Central Bank of the Republic of Turkey (CBRT) from his Twitter account. Şimşek said, “Gross reserves, which are at the level of US Dollars, rose to the level of 115.6 billion US Dollars as of the week of August 4th. Thus, an increase of up to 17.1 billion US Dollars in reserves has been recorded in the last two months.”

Mehmet Şimşek, the Minister of Treasury and Finance, commented on the increase in reserves by stating that there had been an increase of up to $17.1 billion in reserves over the past two months. He noted, “The continuation of reserve increases in August, a month when exchange rate-protected deposits are at a record level, is quite meaningful. We will continue to accumulate reserves to the extent that market conditions allow.”

In a statement made on his social media account, Şimşek evaluated the increase in reserves by the Central Bank.

According to data from the Central Bank, as of the end of May 2023, the gross reserves were at the level of $98.5 billion, which rose to $115.6 billion as of the week of August 4th. Şimşek stated:

“We have witnessed an increase of up to $17.1 billion in reserves over the last two months. During this period, net reserves also increased by $20.1 billion, reaching a level of $15.7 billion. The continuation of reserve increases in August, a month when exchange rate-protected deposits are at a record level, is quite meaningful. We will continue to accumulate reserves to the extent that market conditions allow.”

According to data from the Central Bank of the Republic of Turkey (CBRT), total reserves increased from $113.774 billion to $115.591 billion in the week of August 4th, marking an increase of $1.817 billion compared to the previous week. The upward trend in reserves continued for the 8th consecutive week, and the increase in reserves over the past two months reached $17.1 billion. During this period, net reserves also increased by $20.1 billion, reaching a level of $15.7 billion.

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