Central Bank's foreign exchange reserves decline while gold reserves hit a record high

The foreign exchange reserves of the Central Bank of the Republic of Turkey (TCMB) have been on a downward trend for the last five weeks. In the week of April 11, foreign exchange reserves decreased by 9 billion 932 million dollars, falling to 68 billion 6 million dollars. During this period, the total loss reached 29.8 billion dollars.

On the other hand, gold reserves showed an increase during the same period. Rising from 76 billion 422 million dollars to 79 billion 481 million dollars, gold reserves reached a record level. Total reserves, meanwhile, fell from 154 billion 260 million dollars to 147 billion 488 million dollars.

Net international reserves also showed a significant decrease. Net international reserves, which were 48 billion 701 million dollars the previous week, dropped by 9 billion 837 million dollars to 38 billion 874 million dollars. These developments could be decisive for the future direction of the economy.

News Source: 12punto