The reserves of the Central Bank of Turkey increased by $11 billion in one month

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The reserves of the Central Bank of the Republic of Turkey (CBRT) exceeded $110 billion in the week of July 7th. Thus, an increase of up to $11 billion was recorded in the CBRT’s reserves within one month.

The new economic management prioritized the rebuilding of the reserves that had experienced a decline in the previous period, and the data showed that the steps taken in this direction have yielded positive results.

According to data from the Central Bank of the Republic of Turkey (CBRT), gross reserves rose to $110.4 billion as of the week of July 7th. This represents an increase of up to $11 billion in reserves over the past month.

The improvement is also reflected in the net reserve figures. The CBRT’s net reserves increased to $13.2 billion in the same period. In the previous week, net reserves were at $9.8 billion.

The recovery in net reserves, excluding swaps, also continued. In the week of July 7th, the CBRT’s net reserves, excluding swaps, stood at -$48.1 billion. In the previous week, this figure was recorded as -$50.3 billion.

The messages coming from the economic management indicated that increasing reserves was given priority in the new period.

Minister of Treasury and Finance, Mehmet Şimşek, stated, “An important goal of our program is to accumulate international reserves to the extent permitted by market conditions. Our efforts to contribute to reserve increases through rational policies by the Central Bank, as well as our work to provide additional external resources to our country, are rapidly ongoing. We will continue to take the necessary steps for the continuation of the improvement.”

Lastly, President Recep Tayyip Erdoğan expressed that they have been implementing rational policies to increase reserves.

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