Turkey's net FX reserves rise to $11.22bn as of April 23
- A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - had recovered from 18-year low and stood at $10.585 billion.
- The exchange rate used by Reuters on Thursday was 8.2694 compared to 8.0567 the previous week.
ISTANBUL: The Turkish central bank's net international reserves rose to $11.224 billion as of April 23, data showed on Thursday.
A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - had recovered from 18-year low and stood at $10.585 billion.
The exchange rate used by Reuters on Thursday was 8.2694 compared to 8.0567 the previous week.
The reserves plunged last year as state banks sold off $128 billion to stabilise the 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 in 2019 and 2020 to prop up its forex reserves. The unorthodox policy spooked foreign investors and raised the risk of a balance of payments crisis.
Data showed the bank's outstanding swap transactions stood at $42.971 billion by Wednesday. The reserves are in deeply negative territory once the swaps are deducted.
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