ISTANBUL: The Turkish central bank’s net international reserves rose some $430 million to $16.15 billion in the week to Sept. 1, data showed on Thursday.
Reserves had fallen to minus $5.7 billion in the week to June 2, their lowest since data publication began in 2002, as authorities sought to counter forex demand and stabilise the lira ahead of elections. The reserves have rebounded since then.
The bank’s forex reserves have sagged in recent years due to costly market interventions and other efforts to cool demand. It stopped using reserves to support the lira after the May vote.
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The currency has lost more than 30% so far this year against the U.S. dollar, sharpening its decline last month in what traders said was a sign of Ankara moving away from state controls towards a freely traded currency.
The rate used by Reuters on Thursday was 26.6658 lira to the dollar. The net forex reserves are still in negative territory once outstanding swaps, which stood at $51.38 billion on Wednesday, are deducted.
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