Turkish central bank's net FX reserves rise to $23.25bn
- The reserves have emerged this year as a focus of what the political opposition calls government mismanagement. They plunged in 2019-2020 as state banks sold off $128 billion to stabilise the lira, which still fell 20% in 2020.
ISTANBUL: The Turkish central bank's net international reserves rose to $23.25 billion as of July 9 from $20.43 billion a week earlier, data showed on Friday.
The exchange rate used by Reuters on Thursday was 8.6867.
The reserves have emerged this year as a focus of what the political opposition calls government mismanagement. They plunged in 2019-2020 as state banks sold off $128 billion to stabilise the lira, which still fell 20% in 2020.
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Net forex reserves remain well below the $41 billion level at the end of 2019.
The central bank used swaps with local banks to backstop the FX interventions, an unorthodox policy that spooked foreign investors and raised the risk of a balance of payments crisis, analysts said.
Data showed the bank's outstanding swap transactions stood at $44.325 billion as of Wednesday. The reserves are in deeply negative territory once the swaps are deducted.
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