Turkiye central bank total reserves hit record high of $140bn

ISTANBUL: The Turkiye central bank’s total reserves rose $3.5-3.8 billion last week to a record level exceeding $140 billion, five bankers’ calculations showed on Tuesday, sustaining an uptrend after it adopted more orthodox monetary policy following May elections.

The bank has raised interest rates by 3,150 basis points since June, when President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as its governor.

It has hiked its policy rate by 500 points in each of the last three months.

Turkish central bank’s net international reserves rise to $16.28bn

The central bank did not comment on the reserves figures.

The official data will be released on Thursday.