Signs of recovery in Central Bank reserves

The Central Bank of the Republic of Turkey (TCMB) continues its strategy of increasing foreign exchange reserves. Thanks to foreign currency purchases that accelerated from the beginning of May, an increase has been recorded in reserves for five consecutive weeks. In the week of June 5, gross reserves increased by 2 billion 689 million dollars, reaching 155 billion 879 million dollars. Net reserves rose to the 24.8 billion dollar level.

According to TCMB data, as of June 5, gross reserves increased by 2.7 billion dollars to 155.9 billion dollars. Net reserves reached 52.18 billion dollars. 16 billion dollars of the 56 billion dollar net loss seen in March has been recovered, and as of June 11, the net foreign exchange position rose to 24.8 billion dollars.

The Central Bank's foreign currency purchases from the markets since May have been noteworthy. Although there are occasional fluctuations, the general trend is upward.

Looking at the details of the reserves, foreign currency assets increased by 0.4 percent compared to the previous week to 62.6 billion dollars, while gold reserves reached 85.6 billion dollars with a 2.9 percent increase. The IMF reserve position and SDR total increased by 0.4 percent to the 7.7 billion dollar level.

News Source: 12punto