Central Bank's reserves decreased by 2.5 billion dollars
The gross reserves of the Central Bank of the Republic of Turkey fell by approximately 2.5 billion dollars in the week ending August 23, declining to 150.4 billion dollars.
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The Central Bank of the Republic of Turkey's (TCMB) total reserves decreased by approximately 2.5 billion dollars in the one-week period ending August 23.
According to calculations by BV Portföy Economist Ali Orhan Yalçınkaya for CNBC-e and Foreks Haber, gross reserves fell by 2.5 billion dollars in the week of August 23 to 150.4 billion dollars.
A decrease of 4 billion dollars is expected in net international reserves, and this figure is projected to decline to 43.8 billion dollars. In the week of August 16, the Central Bank's gross reserves were at 152.9 billion dollars, and net international reserves were at 47.8 billion dollars.
Net reserves excluding swaps, which were at the 25.7 billion dollar level the previous week, decreased by 3.7 billion dollars to 22 billion dollars. The TCMB will announce the reserve figures on Thursday at 14:30 with the Weekly Money and Bank Statistics data.
In recent weeks, the foreign currency demand of domestic residents, who have been exiting Currency-Protected Deposit (KKM) accounts and turning to foreign currency, has triggered the rise in the dollar/TL exchange rate, while a decrease is also observed in reserves.