Turkey central bank net FX reserves fall

ISTANBUL: The Turkish central bank’s net international reserves fell some $4.4 billion to $15.21 billion in the week to March 22 from $19.62 billion a week earlier, official data showed on Thursday.

Reserves have slipped back this year after rebounding sharply since early June - just after presidential and parliamentary elections - when they were down to minus $5.7 billion, their lowest since data publication began in 2002.

Bankers have said significant part of the net reserves drop was ahead of the central bank’s surprise 500 basis point rate hike. The rate used by Reuters on Thursday was 32.3105 lira to the dollar.