Sharp decline in Central Bank reserves

It was reported that the total reserves of the CBRT fell to 189.6 billion dollars in the week of March 13. The seriously escalating military tensions in the Middle East and maritime transport issues in the Strait of Hormuz continue to put pressure on Turkey's foreign exchange reserves.

The loss of reserves, which gained momentum starting from mid-February, was also reflected in the weekly money and banking data published by the CBRT. The decline in net reserves excluding swaps was particularly notable; the amount in this item, which approached 80 billion dollars as of the second month of the year, fell to the 54.3 billion dollar level in the March 13 data.

There was also a sharp drop in gross foreign exchange reserves. Gross reserves, which were measured at 218.2 billion dollars last month, fell below 190 billion dollars with the latest announced figure, declining to 189.6 billion dollars. Experts point out that regional tension creates new risks in terms of foreign trade and financial mobility.

News Source: 12punto