Black Monday also hits the Central Bank: How much was the reserve loss?

At the beginning of the week, there were sharp declines in US stock markets and Asian markets that opened early.

Cryptocurrencies were also affected by the earthquake in the market, with Bitcoin losing 12.5 percent and Ethereum 19.3 percent of their value.

In Borsa Istanbul, the BIST 100 index started the week with a 6.72 percent drop, and circuit breakers were triggered twice.

The global collapse on August 5 was dubbed Black Monday.

The Central Bank of the Republic of Turkey (TCMB) also took its share from Black Monday.

Journalist Erdal Sağlam, in his article titled "The Central Bank's foreign exchange reserves melted by 6.2 billion dollars" , stated: "The panic that broke out in the global financial sector at the beginning of last week also hit the Central Bank. At the beginning of this week, the Central Bank sold 6.6 billion dollars from its reserves to keep exchange rates in check. Although there was a recovery towards the end of the week, the weekly reserve loss is expected to reach 6 billion dollars."

Noting that the Central Bank will also post a loss this year, Sağlam stated, "Therefore, it needs to start purchasing Treasury securities from the Treasury for a portion of the loss compensation now."

News Source: 12punto