Sharp decline in Central Bank reserves
The Central Bank of the Republic of Turkey's (TCMB) total foreign exchange reserves fell by 12.8 billion dollars to 197.5 billion dollars in the week of March 6.
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A significant decline was recorded in the TCMB's reserves in the first week of March.
According to data reported as of March 6, the bank's total reserves decreased by 12.8 billion dollars compared to the previous week.
Thus, total reserves fell to 197.5 billion dollars.
Economists point out that uncertainty in global markets and fluctuations stemming from the war may have been effective in this decline in reserves. It is stated that international developments created pressure on the Turkish Lira and foreign exchange markets during the period in question.