Turkish central bank's gross forex reserves nearly halved in 2020
- The central bank's forex reserves, which have been depleted in part by market interventions to support the lira.
- Turks have flocked to hard currencies. Locals' forex deposits and funds, including precious metals.
ISTANBUL: Turkish central bank's gross forex reserves fell nearly $4 billion in the week to Aug. 28, to stand at $41.59 billion, around half of where it was in the beginning of the year, data showed on Thursday.
The central bank's forex reserves, which have been depleted in part by market interventions to support the lira, is currently one of the main concerns regarding Turkey's economy and has recently precipitated the decline of the lira.
As the lira declined, Turks have flocked to hard currencies. Locals' forex deposits and funds, including precious metals, have steadily risen since a currency crisis in 2018.
Locals' forex holding rose slightly to $217.87 billion as Aug. 28, central bank data also showed, but remained below a record high of $219.51 billion it hit on Aug. 7.
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