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Business & Finance

Turkish central bank net FX reserves $13.5bn at year end

  • The exchange rate used by Reuters on Thursday was 7.2733 compared to 7.4194 the previous week.
  • The reserves have been diminished over the last year as state banks sold off an estimated $130 billion to stabilise the ailing lira.
14 Jan 2021

ANKARA: The Turkish central bank's net international reserves slightly rose to $13.62 billion as of Jan. 8, from $13.54 billion a week earlier when it touched the lowest in nearly two decades, data showed on Thursday.

The exchange rate used by Reuters on Thursday was 7.2733 compared to 7.4194 the previous week.

The reserves have been diminished over the last year as state banks sold off an estimated $130 billion to stabilise the ailing lira, which still lost 20% of its value in 2020. Net forex reserves were around $41 billion at the end of 2019.

Analysts say the central bank used swaps with local banks to prop up its forex reserves. Data showed the bank had outstanding swap transactions worth a total of $43.05 billion as of Wednesday, meaning the reserves are in deeply negative territory once the swaps are deducted.