Historic increase in Central Bank reserves
According to bankers' calculations, the Central Bank's reserves continue to rise. A daily record was set last Tuesday with a 4 billion dollar foreign currency purchase. Total reserves have reached 127 billion dollars.
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It has been learned that the Central Bank of the Republic of Turkey's (TCMB) net reserves, excluding swaps, recorded a historic increase of 10 billion dollars last week, driven by recent foreign interest.
According to calculations made by bankers based on preliminary TCMB data, the TCMB's foreign currency purchases and the increase in net reserves, excluding swaps, have continued in the five weeks following the completion of the local elections.
According to the calculations, while the difference between the TCMB's foreign currency buying and selling pointed to over 11 billion dollars in foreign currency purchases last week, gross reserves increased by 3 billion dollars, net reserves by 7 billion dollars, and net reserves excluding swaps by 10 billion dollars.
As reported by Reuters, bankers point out that the 11 billion dollars in foreign currency purchases last week, 4 billion dollars of which occurred on Tuesday, marks a historic record.
TOTAL RESERVES AT 127 BILLION DOLLARS
As a result of these developments, the TCMB's net reserves excluding swaps, which were at a historic low of minus 65.5 billion dollars on March 29, just before the local elections, improved to minus 39 billion dollars last week.
Thus, the improvement in net reserves excluding swaps over five weeks has approached 27 billion dollars.
The TCMB's total reserves rose by approximately 3 billion dollars last week to 127 billion dollars.
Bankers calculate the data from the TCMB balance sheet and preliminary data regarding the sector.